In a hush-hush deal, the British government just sold its last shares in the country's nuclear weapons plant to a U.S. company. California-based Jacobs Engineering Group paid an undisclosed amount for the government's one-third stake in the only plant in the UK that manufactures nuclear weapons, including Trident warheads. Lockheed Martin owns another third of the plant, and a British business services company the remaining third.
The sale wasn't announced to Parliament, leaving some MPs to speculate that the government sold the plant at below market rates to get some much-needed funds for the Treasury. Critically, it means that all production, design, and decommissioning of nuclear weapons in the UK is privately owned, with U.S. companies having a majority stake.
Photo: Getty Images
Passport, FP’s flagship blog, brings you news and hidden angles on the biggest stories of the day, as well as insights and under-the-radar gems from around the world.