Inside Infrastructure: Reflections on Freshfields’ Inside Infrastructure Forum with Alastair Campbell & Rory Stewart

Last week, we had the privilege of hosting an infrastructure policy roundtable at our offices in London, drawing together leaders across private capital and the infrastructure sector. The event featured a spirited conversation between Alastair Campbell, writer, strategist and campaigner, and Rory Stewart, academic, former Cabinet minister and diplomat, in dialogue with Lloyd Rees, Senior Lawyer in our UK Public Affairs team. 

The discussion offered fresh perspectives on the geopolitical forces shaping the infrastructure landscape, the continued attractiveness of the United Kingdom for global investment, and the future of ESG.  

The key takeaways from the event were that (1) if long-term infrastructure planning is to succeed, it will require not just capital, but a clearly and consistently held vision on infrastructure policy which is well-understood by the broader Westminster machine, and a sustained political consensus, and (2) while ESG policies remain a priority, the shape they take may evolve significantly in response to economic realities. 

We have set out a deeper dive into the discussion below, along with reflections on the recently announced Autumn Budget and what this means for infrastructure strategy in the United Kingdom.

Delivering Long-Term Infrastructure: Why Stability Matters

Central to the discussion was the UK government’s 10‑year infrastructure strategy, which was announced earlier this year. (See our blog post summarising this strategy here). Both Campbell and Stewart emphasised that political stability will be the linchpin for its success. Campbell made the case that the UK has successfully delivered major infrastructure projects in the past precisely because they were designed to transcend election cycles - and that this cross-government, long-term mindset needs to be revived. He added that durable policy also requires constructive engagement between government and the opposition, ensuring that long-term commitments remain steady irrespective of future political change.

Stewart echoed this argument, noting that lasting infrastructure commitments demand consistency, cross-ministerial coordination, and a clear narrative to reassure stakeholders. He argued that if Keir Starmer’s government delivers on stability, it could position the UK as a rare beacon of predictability in an increasingly volatile global environment.

Is the UK Still a Magnet for Global Investment?

Stewart and Campbell emphasised that the UK continues to offer a compelling proposition for global investors.

Stewart stressed that the UK’s core attractions remain intact - from the strength of the rule of law to the depth of its workforce and, despite recent turbulence, a comparatively stable institutional environment. Returning to the theme of stability, both Campbell and Stewart argued that the government should actively promote the UK’s long-term reliability and its role as a principled global partner. Clear leadership on shared values and closer collaboration with European allies on strategically important issues such as defence, they suggested, would reinforce the UK’s credibility internationally and help draw in long-term investment.

When audience questions turned to regulation and bureaucracy, Campbell acknowledged a common problem: sometimes, government lacks confidence in decision-making, which slows things down. Stewart urged more decisive leadership from the top, calling for clear direction and even proposing a “bonfire” of outdated regulation, noting this presents us with a big opportunity - streamlining red tape could accelerate delivery of major projects and make the UK more competitive.

ESG & Net Zero: “Disagreeing agreeably”:

One of the most animated parts of the discussion was on ESG and net zero. Campbell’s view was that the UK must continue showing leadership on net zero. Falling costs of renewable energy offer opportunity, not just risk, and the moral stakes - especially for future generations - are too high to backtrack.

Stewart questioned the realism of current net zero targets, arguing that it was a widely acknowledged view that the UK’s limited contribution to global emissions means that further domestic sacrifices may have limited global impact. He also pointed to high energy prices, grid constraints, and subsidy inefficiencies. For him, net zero policies need recalibration - more robust pricing, smarter subsidy design, and better alignment with consumers’ needs.

Despite their differences, both agreed: energy reform and climate policy will be central to the UK’s infrastructure future. 

Autumn Budget 2025: 

The UK’s long-awaited Autumn Budget was announced on 26 November 2025, a few days after the event. Did it reflect any of the themes highlighted by our speakers? In short: yes and no.

Infrastructure remains a clear government priority. There was no retreat from the 10-year infrastructure strategy, and multi-year capital budgets through to 2029 were largely maintained. The Budget also introduced several new initiatives designed to advance the government’s ambitions, including a new form of public-private partnership. This model - intended to build on lessons from previous PPP structures and to draw more effectively on private-sector expertise - will initially be deployed for new neighbourhood health centres. The government is also considering how private capital can support a broader range of public infrastructure needs, including decarbonisation projects.

Regulatory reform featured prominently. The government announced plans to streamline or reduce regulation across several sectors, including nuclear energy, with the aim of accelerating project development and reducing delivery costs in what it described as a “golden era of nuclear.” It also confirmed an intention to partner with Rolls-Royce to deliver three small modular reactors in Wales.

The Budget also included a series of measures relating to the UK’s energy transition and EV infrastructure. These included new funding to accelerate the rollout of electric vehicle charging networks. At the same time, however, the government introduced a new mileage-based charge on electric and plug-in hybrid vehicles and confirmed the end of the Energy Company Obligation as part of its drive to reduce consumer energy bills. Taken together, these developments reflect many of the tensions highlighted by Campbell and Stewart - particularly the challenge of balancing long-term ESG commitments with short-term economic pressures.

We’re grateful to Alastair Campbell and Rory Stewart for their time, candour, and thought leadership - and to everyone who joined us for what proved to be a lively and deeply relevant conversation.

Watch the video highlights here:

If you would like to discuss how evolving UK policy could impact your project pipeline, please reach out to your usual contact at the firm.