Project Finance News: Creation of new Infrastructure and Projects Authority announced by UK Government
The UK Government has announced that a new Infrastructure and Projects Authority will be created following the merger of two UK Government departments.
Infrastructure UK (IUK) and the Major Projects Authority (MPA) will be combined to bring together knowledge of managing major projects. IUK currently supports major infrastructure projects involving public sector capital and leads on PFI policy. The MPA oversees and supports the biggest UK Government projects.
Operating from 1 January 2016, the new body will be headed by the current head of the Major Projects Authority, Tony Meggs, and will report to the Chancellor and the Minister for the Cabinet Office.
Chancellor George Osborne said, “By bringing together Infrastructure UK with the Major Projects Authority, and creating the new National Infrastructure Commission, we are moving to the next stage in our plan to ensure Britain’s economy gets the transformational projects it needs”.