The British Infrastructure Taskforce is about to start work with the chancellor of the exchequer.

Chancellor Rachel Reeves (pictured) is meeting finance leaders today (18 October) to discuss how to enable funding and speed up delivery of major projects across the UK.

It is the group’s first official meeting since the general election.

The taskforce was set up by the Labour Party while it was in opposition.

In a statement, the Treasury said the taskforce would bring “infrastructure strategy and delivery together to address systemic delivery challenges”.

Chief secretary to the Treasury Darren Jones said: “We are serious about ending the cycle of underinvestment that has plagued our infrastructure systems for over a decade. The best way to do that is to design the solution with business in the room. That’s what this taskforce is all about.”

The group has convened ahead of the chancellor’s 30 October Budget as a way of reassuring financial markets that delivery will be well-managed. It follows media briefings that an announcement on increased borrowing will be made in the Budget.

According to the Treasury, the taskforce will lead “a new approach” that involves the government working with the private sector, building “business confidence in UK infrastructure investments”.

In the statement, Reeves said: “We are delivering on our promise to work with business.”

The 14-member taskforce includes Charlie Nunn, chief executive of Lloyds Banking Group, and Anne Richards, vice chair of investment firm Fidelity International.

The membership list revealed by the Treasury did not include any construction firm bosses, although it pledged that the taskforce would deliver advice “alongside wider industry engagement”.