PARTNERSHIPS UK STATEMENT ON THE CREATION OF INFRASTRUCTURE UK
In his Pre-Budget Report, the Chancellor today announced the creation of Infrastructure UK (IUK) to act as the focal point for the UK’s infrastructure strategy, financing, development and delivery. As part of this initiative, it is intended that the capabilities within Partnerships UK (PUK) which support the delivery of major projects and programmes will transfer to Infrastructure UK. The transition of the Partnerships UK major projects capacity will take place in 2010, and is subject to PUK shareholder approval.
James Stewart, currently Chief Executive of Partnerships UK, will be seconded to Infrastructure UK and take up the role of Chief Executive, based in HM Treasury. Paul Skinner - the former Chairman of Rio Tinto plc and Rio Tinto Ltd - has been appointed Chair.
Michael Gerrard, currently Deputy Chief Executive, will take up the role of Chief Executive of Partnerships UK.
James Stewart comments: “The setting up of Infrastructure UK has widespread and positive support across Government and the commercial sector and will usher in a greater strategic approach to long-term infrastructural investment in the UK. I am absolutely delighted to be joining the organisation at launch and working alongside Paul Skinner to set up such an important body.
“The bringing together of Partnerships UK capabilities within Infrastructure UK will streamline Government’s infrastructure policy and support arrangements, bringing together those functions which will be so essential to successful long-term planning and delivery of strategic projects.
“For the UK to retain its competitive edge, a longer-term view of investment in infrastructure must lead policy making. Infrastructure UK is ideally placed to deliver that crucial goal.
Michael Gerrard said: “Since its establishment in 2000, Partnerships UK has delivered significant results on the Government’s infrastructure renewal programme across the PPP arena and has played a major role in developing and supporting new forms of infrastructure investment.
“As part of IUK’s mission is to look across infrastructure from prioritisation right through to delivery, the time is now right to bring together the capabilities within PUK which support the delivery of major projects and programmes, as well as the Treasury Infrastructure Finance Unit and HMT’s PPP policy team.
“We will now begin the process of consolidating the major projects capabilities within Infrastructure UK”.
“All at PUK wish to place on record our thanks to James for his outstanding work as CEO of the organisation. Under his leadership, PUK has achieved a hugely successful track record in supporting the delivery of major investment projects and programmes. We all wish him well on his secondment, leading the exciting and important initiative of IUK. I and my colleagues at PUK very much look forward to continuing to work with James as we embark on the transition process to get Infrastructure UK up and running.”
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Media Contact:
Paul Bates, Head of Communications
Paul.bates@partnershipsuk.org.uk
020 7273 8048 / 07971 964770
Notes to Editors:
1. The arrangements are subject to PUK shareholder approval. HM Treasury will now commence discussions with the Partnerships UK Board to facilitate this.
2. Transition of the parts of PUK which support the delivery of major projects and programmes into IUK is expected to happen in early 2010.
3. James Stewart will continue to serve Partnerships UK clients where appropriate, in parallel with his role as Chief Executive of Infrastructure UK.
Partnerships UK (PUK) is a public private partnership which has a unique public sector mission: to support and accelerate the delivery of infrastructure renewal, high quality public services and the efficient use of public assets through better and stronger partnerships between the public and private sectors.
Infrastructure UK (IUK) will be based in HM Treasury. Paul Skinner, Chair of IUK, will provide strategic direction for IUK and lead an Advisory Council, comprised of private sector experts and Permanent Secretaries from Departments with direct infrastructure interests. James Stewart will be responsible for the day-to-day management of IUK.
Biographies:
James Stewart
James was appointed Chief Executive at Partnerships UK in May 2000. He is also a Director of the Northern Ireland Strategic Investment Board, a member of the Unitary Board of Partnerships for Schools and a Non-Executive Director on Sport England. Previously James was Head of Newcourt Capital’s project finance team in London. Prior to joining Newcourt Capital, James was Managing Director of Project Finance and the Global Head of Infrastructure and Environment with Société Générale (SG) in London.
Michael Gerrard
Michael Gerrard became a director of PUK in 2000 and Deputy CEO in 2002. Previously he was a director of the Treasury Taskforce which he joined in 1998, becoming head of its Projects Team in 1999. Prior to joining the Treasury Taskforce, he held senior project finance positions in several large energy and infrastructure projects in the UK, Middle East and Asia. This followed an earlier career with Morgan Grenfell in project finance and with BP in engineering.