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.
Tracy Blackwell, CEO, PIC said:
We have a huge amount to invest and we want to invest more in Britain. There is no shortage of capital that can support the British economy's capacity to grow. The right combination of policies and ideas will unlock that capital and boost growth. From planning reform and better use of public sector pension funds to a streamlining of institutions and regulations, there is a lot that Government can do to crowd in more private investment and deliver social value. It's great to be in an ongoing conversation with the Chancellor about taking that agenda forward.
Andrea Rossi, CEO, M&G plc said:
M&G has been an active investor in the UK for 175 years. Of the £100 billion M&G invests in the UK, infrastructure remains a core part of delivering sustainable returns for our savers, clients and shareholders. The UK's clear focus on infrastructure presents a significant opportunity to deliver economic and social progress and we are delighted to contribute our expertise."
Deepa Bharadwaj, Head of Infrastructure Europe, IFM Investors said:
IFM is a major global infrastructure investor, a major investor in the UK, and is owned by pension funds.
We look forward to solutions-based discussions that can unlock new investment across UK infrastructure sectors and themes".
Stephen Cohen, Chief Product Officer, Blackrock said:
There's a rapidly growing pool of capital to invest in infrastructure, but deploying it requires pragmatism in policy. We're pleased to be working with the government in identifying policies that will support private investment.
Charlie Nunn, CEO, Lloyds Banking Group said:
At Lloyds Banking Group, we are committed to helping the UK deliver the infrastructure the country needs, supporting jobs and growth. We welcome the British Infrastructure Taskforce's focus on increasing investment in UK infrastructure and addressing some of the fundamental barriers that have existed to date. As the UK's leading bank for project finance, we will work closely with the government in the development of this taskforce, ensuring the work supports communities, businesses, and industries across the regions and nations of the UK.
Anne Richards, Vice Chair, Fidelity International said:
We have a shared ambition to drive growth in the UK by unlocking investment in infrastructure for the benefit of savers. Our best opportunity to achieve that is through collaboration with government and the industry.
Andy Briggs, CEO, Phoenix Group said:
Over the last three decades there has been an underinvestment in the UK economy compared to other developed nations. I am delighted there is a growing consensus that in order to grow we need to work together to invest.
The British Infrastructure Taskforce provides the opportunity for business and government to work on shared priorities, help finance the social and economic infrastructure the country needs for the future, and give potential for better returns for pension savers.
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.
