Chancellor Rachel Reeves is set to gather top City executives at 11 Downing Street on Friday for the inaugural meeting of Labour's British infrastructure taskforce, as the government seeks to channel more private investment into national projects.

The high-profile assembly will include chief executive officers from major financial institutions such as Charlie Nunn of Lloyds Banking Group, Ian Stuart of HSBC UK, and Andy Briggs of Phoenix Group. Other attendees are expected to include Mike Regnier, chief executive officer of Santander UK, as well as senior figures from BlackRock, Fidelity, and M&G.

This meeting marks the relaunch of an advisory council initially formed in November 2023 when Labour was in opposition. The group, now rebranded as a state taskforce, aims to provide guidance on securing private funding for key infrastructure programmes.

Reeves said: "The expertise of these City leaders will be invaluable in the weeks and months ahead as we pursue our number one mission to grow the economy and create jobs."

The chancellor's engagement with the financial sector comes at a crucial time, just days after the government's international investment summit where ministers claimed to have secured £63 billion in private-sector commitments. These pledges cover a range of projects including datacentres, green initiatives such as carbon capture and storage, and investments in ports and airports.

Chief Secretary to the Treasury Darren Jones emphasised the taskforce's role in addressing long-standing issues, stating it would aim to end "the cycle of underinvestment that has plagued our infrastructure systems for over a decade."

The meeting also takes place less than two weeks before Reeves's first Budget on 30 October. Many firms are awaiting details on potential tax changes that could impact their investment strategies. Reports suggest the chancellor is considering a range of tax increases to raise up to £40 billion, including possible alterations to inheritance tax, fuel duty, and stamp duty.

Despite these potential tax hikes, the government appears keen to maintain a strong relationship with the City. The continuation of the taskforce suggests that financial leaders will have a significant voice in shaping major investment projects and providing advice on attracting private capital.

As Labour navigates its first months in power, this gathering of City bosses underscores the new government's commitment to leveraging private sector expertise and investment to drive economic growth and infrastructure development across Britain.

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