Britain will allocate almost $700 million for nuclear defense and energy

 The British government plans to allocate 550 million pounds (almost $700 million) to nuclear deterrence and energy infrastructure as part of a "critical national effort" to preserve the industry and protect the country.

As "European Truth" writes, this is reported by Bloomberg.

By 2030, the government is investing £353m in training and skills development in the defense and civil nuclear sectors, and £200m in Barrow-in-Furness, home to the UK's nuclear submarine programme, with the aim of reviving the area over the next 10 years

London also announced an additional £400m of private investment to create 40,000 new jobs needed by the industry.

The plans are supported by companies such as BAE Systems, Rolls-Royce, Babcock International Group and Electricite de France SA, the government said.

Earlier, the finance minister, Jeremy Hunt, said that defense spending must be increased "as soon as possible".

As Bloomberg notes, Barrow-in-Furness, which Prime Minister Rishi Sunak visited the day before, will be key to building the next generation of nuclear-powered submarines expected to be deployed in the 2040s as part of a security alliance with Australia and the United States.

The opposition Labor Party has already said it will "fully support these plans" for investment in the industry.