The chancellor will summon City bosses to Downing Street on Friday for the first post-election meeting of Labour’s British infrastructure “taskforce”, as the government hopes to steer more private cash towards a string of national investment projects.
Banking and asset management bosses – including Lloyds Banking Group’s Charlie Nunn, HSBC UK’s Ian Stuart and Phoenix Group’s Andy Briggs – will gather in No 11 as the government asks private sector leaders for advice on how best to fund and implement a series of infrastructure programmes.
The meeting has been scheduled just days after the government’s international investment summit on Monday, where ministers said they had secured £63bn of private-sector commitments for the likes of datacentres, green schemes such as carbon capture and storage, as well as investments in ports and UK airports.
It also comes less than two weeks before Reeves’s first budget on 30 October, with many firms awaiting detail on looming tax hikes that could have an impact on their investment plans.
The advisory council – which will be rebranded as a state taskforce on Friday – was first convened in November 2023 when Labour, then in opposition, launched a fresh charm offensive in the City before the general election.
Those City bosses involved – including the Santander UK chief executive, Mike Regnier, and senior figures from BlackRock, Fidelity and M&G – have had an opportunity to steer Labour policy and weigh in on “important strategic investments which the country will need going forward”, according to Labour party documents.
However, the council has been on hiatus since the July election, with some members having been unsure whether Labour planned to continue it after securing power. Friday’s relaunch suggests City leaders will have a say on major investment projects, and provide guidance on how to secure more private cash.
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The Treasury was contacted for comment.