Investor taskforce set up to support UK infrastructure ambitions
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A group of asset management, insurance and bank chiefs are forming a British Infrastructure Taskforce, convened by chancellor Rachel Reeves, that will meet regularly as the government tries to “turbocharge infrastructure investment” across the UK with private capital.
The new taskforce will explore options for how to drive economic growth, a key tenet of the new government. Reeves said increasing investment in infrastructure was “vital” to grow the economy and create jobs.
Chief secretary to the Treasury Darren Jones 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.”
Those invited to be on the taskforce “have been selected to ensure a wide range of experience and expertise in UK infrastructure” and will need to work with the government on the delivery of its infrastructure agenda.
Earlier this week, a new National Infrastructure and Service Transformation Authority was also announced that will “bring oversight of strategy and delivery under one roof”. The government said Nista will support the development and implementation of a 10-year infrastructure strategy due to be published next spring. Meanwhile, the UK Infrastructure Bank will become the National Wealth Fund, which will allocate £5.8bn to green investments. NWF’s chief executive sits on the newly created infrastructure taskforce.
The members of the taskforce are:
- 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, chair, ABRDN;
- Nick Smallwood, CEO, Infrastructure and Projects Authority;
- James Heath, CEO, National Infrastructure Commission;
- John Flint, CEO, National Wealth Fund.
Blackwell said there was “no shortage of capital that can support the British economy’s capacity to grow” with the help of planning reform and “better use of” public sector pension funds among others.
Phoenix Group’s Briggs said the taskforce provides an opportunity for business and government to “help finance the social and economic infrastructure the country needs for the future, and give potential for better returns for pension savers”.
Another state-owned bank, the British Business Bank, is creating a ‘British Growth Partnership’ to attract UK pension fund investment into UK venture capital, with a cornerstone investment from the government.
