Funding rules paving the way for a new major nuclear power station have been announced by the Business and Energy Secretary, Kwasi Kwarteng.

The move is the latest stage in efforts to build the £20bn Sizewell C project in Suffolk.

The proposed plant is still subject to planning approval, but until now, the Treasury has been uncertain of how to pay for it. 

Even if the project is approved, it still faces strong local objections. 

The government said the new financing model could help cut the cost of new nuclear power projects in Britain, saving consumers more than £30bn on each new large-scale station.