LONDON, Nov 20 (Reuters) – Britain’s opposition Labour
Party met bank and insurance leaders on Monday to discuss ways
to boost investment in infrastructure, as it continues a charm
offensive with finance bosses ahead of an expected election next
year that it is favoured to win.

Shadow finance minister Rachel Reeves chaired the first
meeting of the so-called ‘British Infrastructure Council’ on
Monday morning, which was attended by the CEOs of several banks
including HSBC’s Noel Quinn and Lloyds’ Charlie Nunn.

Other executives from finance firms including insurers M&G
and Phoenix, asset manager BlackRock and lender Santander UK
were also present.

Labour has sought to reassure investors and voters alike
that the party, once seen by some voters as spendthrift, can be
trusted with the economy. The party currently has a substantial
lead over the governing Conservatives in opinion polls.

“Under the right conditions, there are significant pools of
private capital available to finance investment in critical
national infrastructure,” Reeves said in a statement.

The announcement comes ahead of the government’s Autumn
Statement on Wednesday, when finance minister Jeremy Hunt is due
to announce a further round of measures to persuade pension
companies to invest in UK companies and infrastructure to boost
growth and the City’s competitiveness as a financial centre.

Britain, facing strapped finances and a need for huge
investments to meet net zero targets, has little choice but to
rely on the private sector for cash to fund such projects,
whoever wins next year’s election.

(Reporting by Iain Withers and Huw Jones, Editing by William
Maclean)