The government has revised down the benefits of the HS2 high-speed rail link relative to the cost.
The expected cost of the project has risen by £10 billion to £42.6 billion, and this has resulted in the expected benefit-cost ratio (BRC) to fall from £2.50 to £2.30 in benefits for every pound invested.
A newly released government-commissioned report by Network Rail and Atkins said that the alternative to HS2, upgrading the existing rail links, would mean 14 years of work with 2,770 weekend route closures that would severely affect the East Coast, Midland, and West Coast mainlines.
Secretary of State for Transport Patrick McLoughlin has called for cross-party support for HS2, saying:
We need a radical solution and HS2 is it. A patch and mend job will not do – the only option is a new north south railway.
HS2 brings massive benefits to the north, is great for commuters and the alternatives just don’t stack up.
Now is the time to be bold and deliver a world class railway which Britain deserves and can truly be proud of. Future generations will not forgive us if we fail to take this opportunity.
The consensus in Westminster is that Labour may oppose the building of HS2, but both leader Ed Miliband and shadow chancellor Ed Balls have previously made statements of conditional support for the project. In fact it appears that the Labour party is divided throughout by the question, in the shadow cabinet to local councillors in affected areas.
UK High speed rail map