Lord Adonis, the chairman of the new infrastructure committee, will draw up proposals for Crossrail 2, HS3 and energy projects ahead of George Osborne’s budget next spring.
The commission will be responsible for prioritising infrastructure projects. However, experts are dubious about whether it will have real power to make decisions on big issues.
Osborne also announced that 89 local authority pension funds would be reorganised into six larger wealth funds, enabling them potentially to invest in infrastructure projects.
