The chancellor met today (18 October) with senior business leaders at the inaugural meeting of the British Investment Taskforce to accelerate investment in infrastructure.
The government said the formation of the taskforce represents 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”.
It said it would explore options for supporting the government’s infrastructure ambitions “for the whole of the nation” and pointed to major financial which attended the meeting including Lloyds and HSBC.
The government said the Bill would “play a key role in addressing [planning] constraint, unlocking more housing and infrastructure across the country and supporting sustained economic growth. The planning system must be an enabler of growth – enabling democratic engagement with how, not if, homes and infrastructure are built”.
A statement from the government about the Infrastructure Taskforce said it had “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, according to the government.
The first taskforce meeting was attended by CEOs and other senior representatives from the Pension Insurance Corporation, Fidelity International, Lloyds Banking, CDPQ (Caisse de dépôt et placement du Québec), Phoenix Group, HSBC UK, M&G, BlackRock, IFM Investors, Santander UK, ABRDN, the Infrastructure and Projects Authority, the National Infrastructure Commission and the National Wealth Fund.
The government said the taskforce will meet regularly, offering insights that deliver long-lasting solutions for job creation, growth, and environmental goals.
Ministers say they are ‘serious’ about ‘vital’ investment in infrastructure
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.”
Businesses say money available but obstacles to deployment must be overcome
Blackrock chief product officer Stephen Cohen 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.”
Lloyds Banking Group CEO Charlie Nunn 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.”
Fidelity International vice chair Anne Richards 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.”
Civil engineers say government right to work more closely with industry
Civil Engineering Contractors Association (Ceca) director of operations Marie-Claude Hemming said: “The news that the government has convened a British Infrastructure Taskforce to drive investment and unblock projects will be welcomed by contractors as ushering in a step change in how the UK secures economic growth through infrastructure delivery.
“Major infrastructure investment in Britain has been undermined in recent years by political and economic uncertainty, which is why we are fully supportive of the government’s plan to work with industry to roll out a ten-year plan for meeting the UK’s infrastructure deficit.
“It costs more and takes longer to deliver infrastructure in the UK than it should. In order to secure sustainable economic growth, create jobs, and meet the needs of businesses and communities across the UK, it is right that industry and government work in lockstep to leave no stone unturned to secure investment and expedite the delivery of projects.
“Nothing short of an infrastructure boom will be required in the months and years ahead to meet the UK’s needs and deliver a zero-carbon, high-growth economy.
“The only way to achieve this is for industry and government to work in lockstep to streamline delivery, and we look forward to working with our members, the UK Government, and other stakeholders, to rise to the challenge of delivering infrastructure fit for the 21st century.”
Jacobs senior vice president Kate Kenny said: “The launch of the UK Government’s Infrastructure Taskforce represents a pivotal moment in addressing the nation’s infrastructure needs.
“As we face generational challenges, the reinvention of infrastructure is not just necessary but urgent. The taskforce’s mission to boost investment and drive growth nationwide aligns with the broader goal of creating a sustainable and resilient future for all.
“Given the complexity of balancing positive environmental and social impact, economic growth, diverse stakeholder needs and affordability, the mission ahead needs laser focus on infrastructure strategies that are deliverable.
“This requires integrated planning and delivery, sustainable investment strategies, technology integration and collaborative approaches with stakeholders.”
WSP head of economics Jim Coleman said: “The launch of the British Infrastructure Taskforce is welcome news. Public-private collaboration is essential to unlocking investment and driving sustainable, inclusive growth across the UK.
“This new approach to policy design, alongside some of the UK’s leading businesses, will bring renewed confidence in the government’s infrastructure agenda and help address the current challenges in project delivery.
“As we work towards achieving net zero, collaboration between stakeholders is crucial, and it’s encouraging to see the government’s commitment to building a sustainable future for UK infrastructure.”
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