The Commission will oversee £100 billion of infrastructure spending on ‘vital projects’, focusing on connections between cities in the North, London’s transport system and energy.
The commission is chaired by Lord Andrew Adonis, the former Transport Secretary under Labour and the seven other commissioners include
-Lord Heseltine, previous deputy prime minister and advocate for development in the regions
-Sir John Armitt, President of the Institution of Civil Engineers
-Professor Tim Besley, economics and development professor at the London School of Economics
-Sadie Morgan, who chaired the design panel for HS2
-Bridget Rosewell, a leading UK economist and previous Chief Economic Advisor to the Greater London Authority,
-Sir Paul Ruddock, notable businessperson with a background in the hedge fund industry.
The Commission is tasked with producing a report every five years to outline Britain’s infrastructure needs, although it will not have any say about the site of the proposed new runway in the South East of England. The Commission’s work will be subject to great scrutiny over the coming years from the property industry and its findings should shape the UK for many years to come.
Redwood will follow the Commission’s work with interest and the forthcoming Spending Review and Autumn Statement 2015 should also offer many interesting insights into the government’s thinking around infrastructure provision.