Defining public value in infrastructure: moving beyond delivery metrics

As we approach UKREiiF 2026, I’m looking forward to chairing a panel that addresses a question at the heart of our industry: how do we truly define public value in infrastructure and are we measuring the right things?

For decades, the UK has taken a rigorous approach to investment decisions through HM Treasury’s Green Book. At the point of appraisal, we are clear on the value a project is expected to deliver. Yet once assets move into operation, that clarity often fades. Success becomes narrowly framed around cost, programme and compliance, rather than the broader outcomes infrastructure is intended to unlock. Such as:

• improved health and wellbeing
• economic growth and productivity
• environmental sustainability
• stronger, more resilient communities

This disconnect between intent and outcome is what our upcoming panel at UKREiiF seeks to explore.

Why this conversation matters now

We are operating in an environment of constrained public finances and rising expectations. Every pound invested must work harder, not just during delivery, but across the entire lifecycle of an asset.

Yet, as an industry, we still lack consistency in how we evaluate whether infrastructure has delivered on its promise once complete. If we are serious about demonstrating value, we need to ask:

• Are we measuring what truly matters?
• Who is accountable for outcomes beyond handover?
• And how do we balance commercial realities with long-term public benefit?

I’m delighted to be joined by an exceptional group of panellists, each bringing a unique lens on public value:

• Thouria Istephan, Interim Chief Construction Advisor to the UK Government, will offer a national perspective on how we redefine public value across the construction sector, moving beyond traditional metrics to reflect long-term societal, environmental and economic outcomes.
• Natalie Forrest, Chief Programme Officer for the New Hospitals Programme, will address the challenge of translating major capital investment into tangible improvements for patients and staff over decades, not just at the point of delivery.
• Fareen Lalani, Development Director at the University of Surrey, will explore the tension between commercial viability and wider public benefit in innovation-led developments, and how that balance can be successfully navigated.
• Katherine Fairclough, Chief Executive of Liverpool City Region Combined Authority, will bring a devolved governance perspective, particularly how leaders balance short-term delivery pressures with long-term accountability for outcomes across complex portfolios.

The questions we need to answer

Each panellist will respond to a key question, but collectively the discussion centres on a shared challenge: how do we move from measuring delivery success to measuring outcome success?

We will explore:

• redefining public value beyond traditional metrics
• bridging the gap between appraisal intentions and operational reality
• improving consistency in post-delivery evaluation
• embedding accountability for long-term outcomes
• balancing competing priorities across cost, delivery and societal impact

Join the conversation at UKREiiF

This is a conversation the industry needs to have and one that will benefit from a wide range of perspectives.

If you’re attending UKREiiF, I encourage you to join us for what promises to be an engaging and thought-provoking discussion. Whether you’re involved in policy, delivery, investment or operations, your perspective on how we define and measure public value is critical.

Come along, challenge the thinking, and be part of shaping a more consistent, outcomes-focused approach to infrastructure. The session runs from 12.30-1.30pm in the Pearl Suite on 20 May 2026.

I look forward to seeing you there.