Government launches UK infrastructure task force

Rachel Reeves has convened the inaugural meeting of the British Infrastructure Taskforce as part of a new approach for the government to work with businesses to design policies that will stimulate private investment, including building business confidence in investing in UK infrastructure. .

The taskforce will explore a range of options to support the government's infrastructure objectives to drive growth across the country, and will be attended by some of the UK's largest financial companies, including LLoyds, HSBC and M&G.

This government has committed to investing in turbocharged infrastructure across the UK. Invitees were selected to ensure extensive experience and expertise in UK infrastructure. This marks a significant change in approach, including inviting key businesses and stakeholders to work with government to help deliver the infrastructure agenda.

This follows the announcement of the launch of the newly formed National Infrastructure and Services Transformation Agency (NISTA), which will oversee strategy and delivery under one roof.

NISTA will support the development and implementation of a 10-year infrastructure strategy in conjunction with industry, first outlined by Director-General Darren Jones last week.

Finance Minister Rachel Reeves said:

Increasing investment in infrastructure is a critical part of delivering on our top mission: growing the economy and creating jobs.

Just days after the International Investment Summit, we are delivering on our commitment to partner with businesses to drive growth across the country, and the expertise of this task force will be invaluable in the weeks and months ahead.

Minister of Finance Darren Jones MP said:

We are serious about ending the vicious cycle of underinvestment that has plagued our infrastructure systems for over a decade. The best way to do this is to design a solution around your business. That's what this task force does.

The Task Force will meet regularly and provide insights to deliver long-term 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, and the launch of a turbocharged $27.8 billion sovereign wealth fund, along with $63 billion of committed investments in the UK.

Tracy Blackwell, CEO of PIC, said:

We have a huge amount to invest and we want to invest more in the UK. There is no shortage of capital available to support the growth capacity of the UK economy. The right combination of policies and ideas will unlock capital and foster growth. From reform initiatives and better use of public sector pension funds to streamlining systems and regulations, there is much government can do to attract more private investment and deliver social value. I am excited to have ongoing conversations with the Chancellor about moving that agenda forward.

Andrea Rossi, CEO of M&G plc, said:

M&G has been an active investor in the UK for 175 years. Of the $100 billion M&G is investing in the UK, infrastructure remains a key part of delivering sustainable returns for depositors, customers and shareholders. The UK's clear focus on infrastructure provides significant opportunities to deliver economic and social progress and we are pleased to offer our expertise.

Deepa Bharadwaj, Head of Infrastructure Europe at IFM Investors, said:

IFM is a major global infrastructure investor and a major UK investor and is owned by a pension fund.

We look forward to solutions-based discussions that can unlock new investment across UK infrastructure sectors and topics.

Stephen Cohen, Chief Product Officer at Blackrock, said:

There is a rapidly growing pool of capital to invest in infrastructure, but deploying it requires pragmatism in policy. We are pleased to work with the government to identify policies that support private investment.

Charlie Nunn, CEO of Lloyds Banking Group, said:

Lloyds Banking Group is committed to helping the UK deliver the infrastructure the country needs, supporting jobs and growth. We welcome the UK Infrastructure Taskforce, which will 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 in project finance, we will work closely with the Government on the development of this task force to ensure its work supports communities, businesses and industries across the UK region and country.

Anne Richards, Vice President of Fidelity International, said:

We have a shared ambition to boost UK growth by stimulating investment in infrastructure for the benefit of savers. The best opportunity to achieve this is through collaboration with government and industry.

Andy Briggs, CEO of Phoenix Group, said:

Over the past 30 years, the UK economy has been underinvested compared to other developed countries. I am pleased to see a growing consensus that we must work together to invest in order to grow.

The UK Infrastructure Taskforce brings business and government together on shared priorities, funding the social and economic infrastructure the country needs for the future and providing pension savers with the potential to earn better returns. We provide you with the opportunity to do so.

The following attendees of the first task force meeting discussed investment opportunities, financing mechanisms and strategies to maximize economic value.

Tracy Blackwell, CEO, Pension Insurance Corporation; Anne Richards, Vice President, Fidelity International; Charlie Nunn, CEO of Lloyds Banking; Vivian Nicoli, Executive Director, CDPQ; Andy Briggs, CEO, Phoenix Group; Ian Stewart, CEO, HSBC UK; Andrea Rossi, CEO of M&G; Stephen Cohen, Chief Product Officer of BlackRock, represented by Helen Lees-Jones, Global Head of Sustainability and Transition Solutions; Deepa Bharadwaj, Head of Infrastructure, Europe, IFM Investors; Mike Regnier CEO, Santander UK; Sir Douglas Flint, Chairman of ABRDN; Nick Smallwood, CEO, Infrastructure and Projects Agency; James Heath, CEO, National Infrastructure Commission; John Flint, CEO of National Wealth Fund.

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