Hitachi set to cancel plans for £16bn nuclear power station in Wales

Move by Japanese firm would be blow to UK plans to replace coal plants and ageing reactors

The Japanese conglomerate Hitachi looks certain to cancel its plans for a 16bn nuclear power station in Wales, leaving Britain's ambitions for a nuclear renaissance in tatters.

An impasse in months-long talks between the company, London and Toyko on financing is expected to result in the flagship project being axed at a Hitachi board meeting next week, according to the Nikkei newspaper.