The Treasury announced that Infrastructure UK and the Major Projects Authority would be merged into the Infrastructure and Projects Authority.
IUK has worked on the funding and delivery of major projects since it was formed in 2010, including developing the PF2 funding model. The MPA has helped run several schemes, which as well as infrastructure, include the Universal Credit scheme and construction of the Queen Elizabeth aircraft carriers.
Under the plan, the bodies will be joined in January, reporting jointly to Chancellor George Osborne and Cabinet Office minister Matt Hancock. It will be led by MPA chief Tony Meggs, while IUK boss Geoffrey Spence will leave Whitehall for a new role in the City.
Osborne said bringing the bodies together would move to “the next stage in our plan to ensure Britain’s economy gets the transformational projects it needs”.
Hancock added that combining projects expertise with funding authority will improve the government's ability to deliver.
“Tony Meggs has been a hugely respected chief executive of the MPA and has the leadership and capability to make the new IMPA a great success,” he added.
