The NIC will receive its own budget and will have independence to carry out its objectives of supporting economic growth, improving competitiveness and improving quality of life.

Sir John Armitt has agreed to be interim deputy chair of the NIC, with immediate effect. Government are currently looking for the commission’s first permanent chair and additional members to add to the team.

The NIC will provide a National Infrastructure Assessment once in every parliament which assess long-term infrastructure needs as well as making recommendations to government. Along with an assessment, it will provide a monitoring report annually to track government’s progress in taking forward NIC’s recommendations.

Hammond has launched a call for ideas to inform the commission’s next in-depth study, following successful reports which identified the benefits of Crossrail 2. The next study is set to be announced later in the year.

Hammond said: ‘I have set out how we are putting the National Infrastructure Commission at the very heart of our plans to ensure Britain’s infrastructure is fit for the future.

‘It will independently define our long-term infrastructure needs and help prioritise, plan and ensure value for money as this investment creates a modern Britain, fit to take on the world.’

The NIC will operate independently, at arm’s length from government, as an executive agency of HM Treasury.

Lord Adonis, interim chair of the NIC, said: ‘The National Infrastructure Commission was established to transform the way we plan and deliver major infrastructure projects in this country through expert analysis, long-term thinking and strategic advice.

‘This announcement is a big step towards providing the commission with the independence it needs to do the work. Now it is vital that we get the details right to ensure that the NIC has everything it needs to get on with the job.‎’

Charter for the National Infrastructure Commission is available here.