December 2024
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The conference considered next steps for the funding, delivery and decarbonisation of infrastructure projects in England and Wales, and implications for developments across the UK.
It was an opportunity for stakeholders and policymakers to assess priorities for improving efficiency and cost-effectiveness in financing and delivery of infrastructure projects, taking place within the context of:
- Planning and Infrastructure Bill aimed at accelerating major infrastructure projects
- creation of a National Wealth Fund to help boost growth and unlock private investment
- new National Infrastructure and Service Transformation Authority (NISTA) announced by the Chief Secretary to the Treasury in an October 2024 speech, tasked with addressing systemic challenges that have delayed infrastructure delivery
- launch of the British Infrastructure Taskforce, a new body aiming to help unlock private investment in UK infrastructure
- new Industrial Strategy Advisory Council to drive forward UK industrial strategy, and the publication of the associated Green Paper Invest 2035: The UK’s Modern Industrial Strategy
- commitments from the Government in the 2024 Budget to reform and expand the Office for Investment, which aims to strengthen partnerships with businesses and investors, and increase public investment by over £100bn over the next five years
- recent publication of the independent Review of Legal Challenges to Nationally Significant Projects, with recommendations aiming to reduce barriers to development and resolve challenges more effectively
- launch of a new Office of Value for Money which will advise on future spending plans
- Government committing to publish a 10 year infrastructure strategy next spring, alongside the second phase of the Spending Review
- Government launching the Major Transport Projects Governance Assurance Review drawing on the experiences of HS2 to investigate the oversight of major transport infrastructure projects
Delegates assessed whether the new Government’s proposals go far enough to address concerns raised in the NIC’s Second National Infrastructure Assessment published in 2023, which called for a more efficient mix of public and private sector investment. It was an opportunity to assess strategies for fostering increased private sector investment, with the launch of the British Infrastructure Taskforce, and next steps for collaboration and partnerships between the public and private sectors after commitments in the recent Budget to reform and expand the Office for Investment.
Delegates considered the demand for further public sector funding to drive infrastructure projects forward, looking at funding structures for the optimal mix of public-private funding - and at implications of priorities announced by the Chancellor for managing national debt.
The National Wealth Fund and its strategic direction was discussed, and its potential impact on unlocking investment in green and growth industries, as well as future structures for effective partnerships, and public and private sector co-investment in new technologies - including the recent creation of Great British Energy and NISTA.
We also expected discussion on the future of data and digital infrastructure in the UK, in light of data centres being classified alongside energy and water systems as Critical National Infrastructure as part of the Government’s drive for economic growth. With the NIC’s report on the Cost drivers of major infrastructure projects in the UK, we also expected discussion on the UK’s performance when compared to international peers and the role that NISTA will play in addressing issues identified in the NIC’s report. Key issues for industries facing the greatest infrastructure gaps were discussed, with latest thinking on current financing model and alternative approaches.
Sessions considered next steps for financing infrastructure in sectors such as energy and transport, and priorities in relation to improving regional connectivity and net zero targets. It took place against the backdrop of the Rail and Urban Transport Review, which outlines suggestions for driving down the costs and timelines of transport infrastructure projects by 20% and 25% respectively. Discussion considered practical steps needed to reform the planning and funding of projects, as well as next steps for mass-transit infrastructure schemes, with the Government committing £1.3bn for city transport funding in the Budget.
Strategies for unlocking investment in infrastructure to meet the Government’s target of providing clean energy by 2030 were assessed, including the impact of provisions in the Planning and Infrastructure Bill to streamline the delivery process of critical infrastructure in order to accelerate upgrades to the National Grid. Discussion also considered the impact of a changing climate on the long-term future of infrastructure projects, and recommendations made in the NIC’s Developing resilience standards in UK infrastructure report published in September 2024.
We are pleased to have been able to include keynote sessions with: Alicia Ford, Deputy Director, National Infrastructure Planning, MHCLG; Joel Kenrick, Deputy Director and Head, Policy (Climate Change), National Wealth Fund; Julia Prescot, Deputy Chair, NIC; Prof Nuno Gil, Professor of New Infrastructure Development and Director, Infrastructure Development Research Group, University of Manchester; and Julie Taylor, Director, Commercial, Regulation and Supply Chain, National Grid.
All delegates were able to contribute, alongside key policy officials, to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices. This includes the full proceedings and additional articles submitted by delegates. Those that attended include parliamentary pass-holders from the House of Commons and officials from DBT; Defra; CCC; DfC, NI; DfE, NI; DoF, NI; DESNZ; UKIB; NIC; DfE; DfT; DSIT; DfI, NI; DoT, ROI; HM Treasury; EA; GLD; LocatEd; MOD; MHCLG; MMO; ORR; NAO; Ofwat; The Scottish Government; and the Welsh Government.
