Rolls-Royce awarded £1billion contract for UK nuclear submarines

Plans to upgrade the facilities where the nuclear reactor cores will be built have also been announced, a move which will secure 300 jobs at Rolls-Royce's plant at Raynesway in Derby. According to a statement, the investment will see construction of new buildings to replace existing facilities that have reached the end of their useful lives. The MoD has earmarked £500million for the eleven year refurbishment. Announcing the contract, Defence Secretary Philip Hammond said: "This contract will secure hundreds of highly skilled jobs for UK industry, while retaining our sovereign nuclear capability. The Raynesway site has played a key part in the production and maintenance of our nuclear deterrent for more than 50 years. This regeneration will make sure it continues to do so for many years to come."