By Max Clarke
The UK’s infrastructure, and the broader economy, are set for a boost, following the appointment of Geoffrey Spence as the new Chief Executive of Infrastructure UK.
Geoffrey Spence combines a background in infrastructure finance in Deutsche Bank AG and HSBC Bank plc, with a track record of delivering at the heart of Whitehall. He will also be the lead corporate finance practitioner in the Treasury.
With Spence’s business acumen, the UK’s increasingly aged infrastructure will likely be developed in as part of an overall strategy- greatly benefitting of the broader economy. A recent study of the nation’s road network found that a lack of strategy was holding back the economy:
“Instead of a strategic vision, we have a policy of make-do and mend. £200m of investment in tackling potholes is welcome and vital to fix roads up and down the country, but it will not deliver the network-wide improvements we need," commented Neil Bently, the report’s author.
The Infrastructure UK Advisory Council, chaired by Paul Skinner, will continue with its existing remit to act to support and guide the Treasury’s infrastructure work.
“I welcome the increased focus that the Treasury is bringing to the infrastructure agenda, and am delighted to be welcoming someone of Geoffrey Spence’s experience and calibre as Chief Executive of Infrastructure UK,” Responding to this announcement, Paul Skinner said:
“The UK faces an enormous challenge to build the infrastructure we need to underpin future UK growth and competitiveness. With the rest of the Advisory Council, I would like to thank Andy Rose for the way he has led Infrastructure UK over the last six months. I am looking forward to working with Geoffrey and Peter Schofield, Director of Enterprise and Growth, in delivering our important infrastructure agenda, and to provide those projects that are most important for economic growth with the focus they need.”
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