UK Govt launches British Infrastructure Taskforce in push to 'unlock' private investment

Written by Sophie Smith

21/10/2024

Chancellor, Rachel Reeves, has held the first meeting of the British Infrastructure Taskforce, as part of the UK Government's work to 'unlock private investment', including by building business confidence in UK infrastructure investments.

The new taskforce will explore different options to support the Government’s infrastructure goals to drive growth for the whole of the nation, in line with its committment to "turbocharge" infrastructure investment across the width and breadth of the UK.

The group will meet regularly, and is expected to offer insights that deliver long-lasting solutions for job creation, growth, and environmental goals.

Members of the taskforce include representatives from Pension Insurance Corporation (PIC), Phoenix Group, M&G, Blackrock, Abrdn, IFM Investors, which is owned by pension funds, and the National Wealth Fund (NWF).

The Government said that invitees were selected to ensure a wide range of experience and expertise in UK infrastructure, marking a "significant shift" in approach, with key businesses and stakeholders invited to work with the Government to support the delivery of its agenda.

The launch of the taskforce also follows the International Investment Summit, during which Reeves confirmed the next steps for the NWF and a new British Growth Partnership, in a move that is expected to release "hundreds of millions" of pension fund investment.

Commenting on the launch of the taskforce, Reeves 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."

Phoenix Group CEO, Andy Briggs, also highlighted the new taskforce as an 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.

"Over the last three decades there has been an underinvestment in the UK economy compared to other developed nations," he said. "I am delighted there is a growing consensus that in order to grow we need to work together to invest."

Adding to this, PIC CEO, Tracy Blackwell, 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."

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