Shadow Chancellor this morning chaired the
first meeting of the new British Infrastructure Council (BIC).
Reeves has convened the group to focus on how to tackle
infrastructure delivery challenges by working in partnership with
the private sector to unlock capital.
The membership of the BIC is drawn from the full range of
UK-based and international investment firms, all acting in an
independent advisory capacity.
The meeting today covered a range of issues, including:
- How to ensure potential investors can better understand the
government’s strategic priorities for nationally significant
infrastructure.
- The potential for new financing mechanisms for infrastructure
that can deliver viable investment models while providing value
for money for the taxpayer.
- How government and business can work together to maximise the
economic value of major infrastructure projects to the UK
economy.
, Shadow Chancellor to the
Exchequer, said:
“Under the right conditions, there are significant pools of
private capital available to finance investment in critical
national infrastructure, such as clean energy, transport and
digital connectivity – all of which will serve to boost growth,
raise productivity and create jobs.
“But winning the global competition to attract it will require
new models of collaboration between government and investors.
“The creation of the new British Infrastructure Council will help
to achieve that.”
Rachel Elwell, CEO of Border to Coast, said:
"We are pleased to use our experience to help policymakers
establish a strong and sustainable investment ecosystem for asset
owners, such as the Local Government Pension Scheme.
“Removing the barriers to the creation of a pipeline of
investable opportunities that deliver positive returns will give
long term investors the confidence and ability to make
investments that help deliver net zero and have positive social
and economic impacts across the UK.”
Charlie Nunn, Executive Director and
Group Chief Executive of Lloyds Banking Group, said:
“As the UK’s leading funder of infrastructure, Lloyds Banking
Group works with all those trying to improve the way major
projects are designed, financed and delivered. We welcome this
opportunity to support growth in the UK.”
Andy Briggs, Chief Executive Officer of Phoenix Group,
said:
“What we know currently is that only 9% of UK pension funds are
invested in alternative assets as compared to 23% in other major
pensions markets (P7).
“We want to work with peers and interested stakeholders across
the political spectrum to build consensus on how to best protect
capital and improve customer outcomes. This will ensure we
deliver the right reforms which increase access to transformative
investment projects that offer an attractive returns profile in
the long term.
“If we get this right, Phoenix Group could invest up to £40bn in
sustainable and/or productive assets to support economic growth
and the climate change agenda.”
Andrea Rossi, CEO of M&G plc said:
“M&G's origins go back over 100 years with infrastructure
investing in its core DNA. We have a proud heritage of investing
in major UK infrastructure projects that in return give great
outcomes for our customers and clients. We are pleased to add our
voice to the debate as financing the next generation of projects
can boost economic growth and support the net zero transition.”
Notes to editors
- The first meeting of the BIC took place at 1030 on Monday,
20th November at M&G’s offices in the City of
London.
- Also in attendance were , Shadow Chief Secretary to
the Treasury, and , Shadow Minister for
Investment and Small Business (standing in for , Shadow Secretary of
State for Business and Trade).
- The BIC will meet every six months. A series of working
groups will be set up to focus on specific issues and report back
to the full Council.
- Membership of the BIC includes:
· Deepa Bharadwaj, Head
of Infrastructure Investment for Europe, IFM Investors
· Tracy Blackwell, CEO,
Pension Insurance Corporation
· Andy Briggs MBE,
Group CEO, Phoenix Group
· James Bryce, Head of
Global Infrastructure, CPP Investments
· Stephen Cohen, Head
of EMEA, BlackRock
· Rachel Elwell, CEO,
Border to Coast
· Vivian Nicoli,
Managing Director, Head of European Infrastructure, CDPQ
· Charlie Nunn,
Executive Director and Group Chief Executive, Lloyds Banking
Group
· Noel Quinn,
Group Chief Executive, HSBC
· Mike Regnier,
CEO, Santander UK
· Anne Richards,
CEO, Fidelity International
· Andrea Rossi,
Group Chief Executive, M&G
