Chancelllor Rachel Reeves convened the inaugural meeting of the British Infrastructure Taskforce as part of a new approach that involves government working with business to design policy that will unlock private investment, including by building business confidence in UK infrastructure investments.
The Taskforce will explore different options to support the Government’s infrastructure goals to drive growth for the whole of the nation, and some of the UK’s biggest financial companies including Lloyds, HSBC, and M&G will be in attendance.
This Government has committed to turbocharge infrastructure investment across the width and breadth of the UK. Invitees have been selected to ensure a wide range of experience and expertise in UK infrastructure. This marks a significant shift in approach, with key businesses and stakeholders invited to work with the government to support the delivery of its infrastructure agenda.
It follows the announcement to launch a newly formed National Infrastructure and Service Transformation Authority (NISTA) which will bring oversight of strategy and delivery under one roof.
The NISTA will support the development and implementation of the ten-year infrastructure strategy in conjunction with industry which was outlined for the first time last week by the Chief Secretary Darren Jones.
The Chancellor of the Exchequer Rachel Reeves MP said: “Increasing investment in infrastructure is a vital part of delivering on our number one mission to grow the economy and create jobs.
“Just days after our International Investment Summit, we are delivering on our promise to work with business to drive growth across the country, and the expertise of this Taskforce will be invaluable in the weeks and months ahead.”
Chief Secretary to the Treasury Darren Jones MP said: “We are serious about ending the cycle of underinvestment that has plagued our infrastructure systems for over a decade. The best way to do that is to design the solution with business in the room. That’s what this taskforce is all about.
“The Taskforce will meet regularly, offering insights that deliver long-lasting solutions for job creation, growth, and environmental goals.”
This builds on the success of the International Investment Summit, which saw hundreds of top international investors attend the event, £63 billion of confirmed investment into Britain, along with the launch of the £27.8 billion turbocharged National Wealth Fund.
The following attendees of the first Taskforce meeting discussed investment opportunities, financial mechanisms, and strategies to maximise economic value:
- Tracy Blackwell, CEO, Pension Insurance Corporation;
- Anne Richards, Vice Chair, Fidelity International;
- Charlie Nunn, CEO, Lloyds Banking;
- Vivian Nicoli, Managing Director, CDPQ;
- Andy Briggs, CEO, Phoenix Group;
- Ian Stuart, CEO, HSBC UK;
- Andrea Rossi, CEO, M&G;
- Stephen Cohen, Chief Product Officer, BlackRock (represented by Helen Lees-Jones Global Head of Sustainable & Transition Solutions);
- Deepa Bharadwaj, Head of Infrastructure Europe, IFM Investors;
- Mike Regnier CEO, Santander UK;
- Sir Douglas Flint, Chairman, ABRDN;
- Nick Smallwood, CEO, Infrastructure and Projects Authority;
- James Heath, CEO, National Infrastructure Commission;
- John Flint, CEO, National Wealth Fund.
