Chris Hayward, Policy Chairman at the City of London Corporation, said:

“We support these bold plans to turbocharge business investment, supercharge infrastructure project planning, and champion our future industries. The financial services sector is ready and willing to invest in UK infrastructure. Reforms to Solvency II alone could potentially unlock up to £100bn over the coming decade. Therefore, the success of Solvency II reform is make or break for long-term energy projects.

“Inviting private sector involvement in a ‘national wealth fund’ is a welcome idea and will support industry to invest at scale. Private investment will be critical for the UK to meet its net zero targets and fund the just transition. To invest at scale, the private sector requires policy certainty and for investment to be in the interest of savers.

“Our Vision for Economic Growth report offers practical solutions such as the urgent need to simplify planning and permitting for infrastructure projects, including grid connections, to help these assets to be built more quickly and therefore financed more easily.

“Achieving the ambitious objectives in these plans hinges on a dynamic partnership between the public and private sectors, driving our competitiveness, fostering nationwide job growth, and securing a sustainable future for all. The financial and professional services sector stands ready to support these ambitious plans.”

Notes to editors 

The Vision for Economic Growth: A Roadmap to Prosperity report can be downloaded here: Vision For Economic Growth. 

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk