Chancellor Rachel Reeves has met with senior business leaders at the inaugural meeting of the British Infrastructure Taskforce.

It sees government working with business to design policy that will unlock private investment, including by building business confidence in UK infrastructure investments.

The taskforce, which met for the first time on October 18, will explore different options to support the government’s infrastructure goals to drive growth with some of the UK’s biggest financial companies including Lloyds, HSBC, and M&G in attendance.

The government has already announced plans to launch a newly formed National Infrastructure and Service Transformation Authority (NISTA) which will bring oversight of strategy and delivery under one roof.

The NISTA will support the development and implementation of the 10-year infrastructure strategy in conjunction with industry which was outlined for the first time recently by the chief secretary Darren Jones.

Chancellor Rachel 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.”

The taskforce will meet regularly, offering insights that deliver long-lasting solutions for job creation, growth and environmental goals.

Charlie Nunn, CEO at Lloyds Banking Group, 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.”

Industry has also welcomed the launch of the taskforce.

Jim Coleman, head of economics at WSP, 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."