Osborne is expected to tell the Conservative party conference later today that Labour’s proposed NIC plans will move forward under the Conservative government, with Labour’s former transport secretary Lord Adonis at the helm. Lord Adonis is expected to resign the Labour party whip to take up the position.
According to reports, Osborne is expected to pledge to “shake Britain out of its inertia” by establishing the body to drive development in the UK’s key infrastructure projects. He will also give an extra £5 billion in this Parliament for major schemes.
Adonis is expected to say that “without big improvements to its transport and energy systems, Britain will grind to a halt.”
“Major infrastructure projects like Crossrail and building major new power stations span governments and Parliaments. I hope it will be possible to forge a wide measure of agreement across society and politics on key infrastructure requirements for the next 20 to 30 years,” Adonis will say.
The plans for the NIC were a key part of the Labour party’s election manifesto earlier this year and were first proposed by former Labour leader Ed Miliband the year before.
The renewed NIC plans come shortly before the anticipated government-backed new nuclear deal with EDF and its Chinese development partners. Two weeks ago Osborne pledged a £2 billion guarantee for the Hinkley Point C project, and reports suggest a final deal will be announced during a Chinese state visit to the UK later this month.