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UK pledges 500 million pounds to refurbish Scottish nuclear base

Reuters - UK Focus

LONDON, Aug 31 (Reuters) - Britain will spend more than 500 million pounds ($769.5 million) refurbishing its nuclear submarine base in Scotland over the next 10 years, finance minister George Osborne said on Monday.

The Faslane naval base on the River Clyde, east of Glasgow, is home to the fleet of four Vanguard-class submarines, one of which is on patrol at all times, that form Britain's 'Trident (BSE: TRIDENT.BO - news) ' nuclear deterrent.

The money will be spent on "ship lifts, sea walls, jetties and other major projects" and that work will start in 2017, the government said in a statement.

A decision on replacing the ageing submarine fleet is due next year. Prime Minister David Cameron's Conservative government has said it backs the fleet's multi-billion pound renewal and intends to base the new submarines at Faslane. ($1 = 0.6497 pounds) (Reporting by William James; Editing by Mark Heinrich)