Image source, PA

However, there are also plenty of critics of the Hinkley Point project, saying it'll be very costly for the general public. 

The TaxPayers' Alliance said it combines "huge risk with spectacularly bad value for money". The technology is unproven and projects using the same reactor are years behind schedule and massively over budget, the group said. 

"All the signs are there that this project will be a hugely expensive failure but we seem to be continuing with the failed policies of the past, saddling consumers with exorbitant bills in the process," said John O'Connell, chief executive of the lobby group.

Image source, EDF

The Unite trade union says it's "excellent news" that the uncertainty caused by Theresa May delaying her decision on the Hinkley Point project in Somerset has now gone.

Unite national officer for energy Kevin Coyne said: "Our members are shovel ready and dead keen to start work on the country's first nuclear power station for a generation. 

"It means that the lights will remain on in the UK in the decades ahead and it heralds an economic renaissance for the West Country, with the accompanying creation of thousands of skilled jobs and the positive ripple effects to the supply chain across the UK."

The GMB union agrees, saying it'll be a "big relief to the 25,000 quality jobs" involved in Hinkley.

• The Hinkley Point project will cost about £18bn.
• It will generate up to 3.2 gigawatts of electricity - enough to charge 640 million iPhones at once.
• The construction will provide 25,000 jobs. 
• At its peak, 5,600 people will work on site. 
• The finished power plant will employ 900 people.  
• EDF, which is 85% owned by the French government, is leading the project. 
• China's CGN has a 33.5% stake in Hinkley Point C and will have to fund a third of the cost.

Image source, PA

The government says the new deal with EDF for the Hinkley Point project includes:

• The government can stop EDF from selling its stake in Hinkley Point before it's finished building. 
• After Hinkley, the government will take a special share in all new nuclear plants.
• Full implications of foreign ownership of power stations will be scrutinised for the purposes of national security. 
• The government will ensure foreign direct investment works in the country’s best interests.

Image source, Reuters

Greg Clark, secretary of state for business, energy and industrial strategy, says:

"Having thoroughly reviewed the proposal for Hinkley Point C, we will introduce a series of measures to enhance security and will ensure Hinkley cannot change hands without the government’s agreement. 

"Consequently, we have decided to proceed with the first new nuclear power station for a generation.

"Britain needs to upgrade its supplies of energy, and we have always been clear that nuclear is an important part of ensuring our future low-carbon energy security."

Image source, PA

The government has given approval for the Hinkley Point nuclear station following a new agreement with French energy firm EDF.

Energy secretary Greg Clark will spell out details of the new deal for the project, which is being financed by China and France, in Parliament later today.

A government statement said: "Following a comprehensive review of the Hinkley Point C project, and a revised agreement with EDF, the government has decided to proceed with the first new nuclear power station for a generation. 

"However, ministers will impose a new legal framework for future foreign investment in Britain's critical infrastructure, which will include nuclear energy and apply after Hinkley." 

Today Programme
BBC Radio 4

Image source, Getty Images

John Lewis chairman Sir Charlie Mayfield tells the Today Programme that Waitrose will continue to open new stores, but "possibly not quite as quickly as we were".

Unlike other supermarkets, which are sitting on a very large estate of shops, Waitrose is "not too big", he says. 

The focus, instead, will be on improving the stores that it already has.  

Thousands of Post Office workers are expected to go on strike later, partly in a dispute over branch closures. BBC personal finance correspondent Simon Gompertz tweets...

Image source, Getty Images

Morrisons boss David Potts' galvanising effect on the UK's fourth biggest supermarket is gaining momentum, as it reports an 11% rise in first-half profits, external.

The supermarket chain said lower prices, shorter queues and fuller shelves helped it grow like-for-like sales by 2% in the second quarter.

Mr Potts, who took over last year, said he was confident the "turnaround" would succeed. Morrisons said it's also ahead of target to cut £1bn in costs from the business.

Chris Johnston
Business reporter

Image source, Reuters

Profits have sunk at John Lewis for the six months to July amid what the group called "far-reaching" changes in the retail market. 

Pre-tax profits fell 15% to £82.4m. Like-for-like sales at John Lewis stores rose 3% during the half year, but fell 1% at Waitrose supermarkets. 

Sir Charlie Mayfield, chairman of the partnership, pointed to "competitive pricing, excellent service, increasing pay and investing for the long term" for the lower profits.

Today business presenter Dominic O'Connell tweets...

Image source, Next

Retailer Next said it's been a "difficult" first-half of the year as pre-tax profits fell slightly to £342m. It was dragged down by a 17% fall in profit in its shops.

Lord Wolfson, the Next chief executive, says, external: "As expected, it has been a challenging year so far, with economic and cyclical factors working against us, and it looks set to remain that way until mid-October at the earliest."   

Chris Johnston
Business reporter

Image source, Getty Images

Initial quantities of the iPhone 7 Plus have sold out globally as Apple prepares to roll out its new smartphone in stores tomorrow. 

Stocks of the larger size phone have been exhausted in all colours, while the smaller iPhone 7 has also sold out in the new jet black colour, Apple said. 

The new phones feature better cameras and eliminate the traditional headphone jack in favor of new technology. 

Breaking with tradition, Apple says it will not release first-weekend sales of the iPhone 7 and 7 Plus, saying the figure is more a reflection of supply than demand.

Oh - and if you thought no one waits for days outside Apple stores to be the first to get their hands on the new gadget, you'd be wrong.

Andreas Illmer
Business reporter in Singapore

Image source, EPA

Asian shares are seeing another weak day of trading. Investors are taking a cue from the poor performance of Wall Street which was pulled down by uncertainty over future US interest rate hikes and lower energy shares.

In Japan, the Nikkei 225 hit a three-month low, down 1.4%. Traders are also downbeat over seeing limits to the monetary easing of the European Central Bank and the Bank of Japan.

Australia edged up slightly with the ASX 200 rising 0.1% in early afternoon. In Hong Kong, the Hang Seng is 0.6% higher.

Markets in mainland China are closed for a holiday and so is the Kospi in South Korea.

BBC Radio 5 live

Image source, AFP

The energy surge during this week's heatwave shows how the UK needs a variety of energy sources, says Malcolm Grimston of Imperial College London.

UK wholesale electricity prices shot up yesterday as people cranked up their air conditioning to deal with the hot weather in some parts of the country.  

Nuclear power - from projects like Hinkley Point - will help to ease the burden when solar, wind and other sources don't generate enough, he tells Wake Up to Money.

Today Programme
BBC Radio 4

Image source, PA

Stewart Robertson, an economist at Aviva Investors, says he doesn't expect the Bank of England to cut interest rates or announce more quantitative easing later today.

All the focus will instead be on the minutes from the Bank's meeting and its assessment of how last month's stimulus package is affecting the economy.

The Bank could cut interest rates again later this year, he tells the Today Programme, if there are signs the economy is slowing down.

Image source, EDF

Prime Minister Theresa May is edging closer to a decision on Hinkley Point, which would be the UK's first new nuclear power station in decades. 

Both the French and Chinese governments, who are funding the plant, have been told it will be approved - but that conditions will be attached, a source close to the deal told BBC News.

The prime minister delayed a decision in July, partly over concerns of China's involvement in the deal, but could now give her approval as early as today. 

Dan Macadam
BBC business reporter

Image source, Getty Images

Welcome to Thursday's Business Live page. There's plenty coming up today - first we've got a flurry of retail results. John Lewis, Next and Morrisons are all reporting how they've fared in recent months. Then at 09:30 we'll have official figures for the High Street in August.

At some point we could also get a decision from the government on the Hinkley Point nuclear project. And at midday the Bank of England is expected to leave interest rates unchanged at the historic low of 0.25%.

Stay with me for all the breaking news and views as they happen.