HS2 line ‘will cost taxpayers £80bn’
THE cost of a controversial high-speed rail link could spiral to at least £80billion – almost double the Government estimate – a report has found.
The study by the Institute of Economic Affairs published today says the cost of HS2, which would link London to Birmingham and the North has been vastly underestimated.
It argues that the £80billion price tag could deliver £320billion of value if spent on other rail transport projects instead.
The report suggests that the Government’s £42.6billion estimate would rise because of a variety of factors, including changes to routes and extra tunnelling; new stations and transport infrastructure; grants for new shops and amenities around the route; and compensation for towns and cities bypassed by the new line.
Dr Richard Wellings, the report’s author, called on the Government to scrap HS2.
He said: “This will be unbelievably costly while delivering incredibly poor value for money. It’s shameful that, at a time of such financial difficulty for many families, the Government is caving in to lobbying from businesses, local councils and self-interested politicians more concerned with winning votes than governing in the national interest.”
The Department for Transport said yesterday the Government was “committed to managing the cost within the budget”.