The chancellor will summon city bosses to Downing Avenue on Friday for the first post-election meeting of Labour's British infrastructure “working group”, as the government hopes to pour more private money into a series of domestic investment projects.
Banking and asset management chiefs – including Lloyds Banking Group's Charlie Nunn, HSBC UK's Ian Stuart and Phoenix Group's Andy Briggs – will meet at Number 11 as the government seeks advice from private sector leaders on the best way to finance and implement a series of infrastructure programs.
The meeting was scheduled just days after the government's international investment summit on Monday, where ministers said they had secured £63bn in private sector commitments for data centres, green schemes such as carbon capture and storage, as well as investments in ports. and UK airports.
It also comes less than two weeks before Reeves' first budget on October 30, with many businesses awaiting details on impending tax increases that could impact their investment plans.
The advisory council, which will be renamed the state task force on Friday, was first convened in November 2023, when Labour, then in opposition, launched a new charm offensive in the city ahead of the general election.
The Metropolis bosses involved – including Santander UK chief executive Mike Regnier and senior figures from BlackRock, Constancy and M&G – have had the opportunity to steer Labor policy and weigh in on “significant strategic investments the country will need in the future.” according to Labor Party documents.
However, the council has been on hiatus since the July election, and some members were unsure whether Labor planned to continue with it after securing power. Friday's relaunch suggests city leaders will have a say over major investment projects and provide guidance on how to secure more private cash.
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Treasury has been contacted for comment.