The UK Government has merged two treasury units to 'manage and deliver' major infrastructure projects in the country, it has been announced.

The Infrastructure UK (IUK) and the Major Projects Authority (MPA) will combine to create the Infrastructure and Projects Authority (IPA)

The new organisation will bring together experts in the financing, delivery and assurance of these projects.

The IUK was formed in 2010 and is responsible for co-ordinating and simplifying planning/prioritisation of investment in UK infrastructure, while also negotiating the best value for money on projects.

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The MPA was established in 2011 and develops programme management expertise within the civil service. In addition, it is supported by assessors who step in when projects go wrong.

The new IPA organisation will come into existence on 01 January 2016.

It will report jointly to the Chancellor George Osbourne and Minister for the Cabinet Office Matt Hancock.

In addition, the current Chief Executive of MPA, Tony Meggs, will head the IPA.

The Chief of IUK, Geoffrey Spence, has decided to leave his current role.

Chancellor George Osborne said: "By bringing together Infrastructure UK with the Major Projects Authority, and creating the new National Infrastructure Commission, we are moving to the next stage in our plan to ensure Britain’s economy gets the transformational projects it needs."

Minister for the Cabinet Office, Matt Hancock, added: "The new Infrastructure and Projects Authority is a further step forward in delivering what Britain needs to prosper in the twenty-first century. By combining projects expertise with funding authority we will improve the government’s ability to deliver, and the economic security that comes with it."

(LM/CD)