Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

HS2 boss admits London to Birmingham line could actually cost £66bn

by January 11, 2024
January 11, 2024
HS2 boss admits London to Birmingham line could actually cost £66bn

The costs of the HS2 line from London to Birmingham could be as much as £66bn, according to the scheme’s executive chair, Jon Thompson.

Thompson told the transport select committee on Wednesday that despite the current estimate being upwards of £56.6bn, the first phase of the high-speed rail project could add “between £8bn to £12bn,” suggesting the current prices are outdated.

Estimates have continued to rise over the past decade, with the forecast being just £19.4bn in 2013, according to reports in the Guardian.

However, the outlet reported that the latest change comes because the current £56.6bn forecast represents 2019 prices, neglecting the jump in inflation that followed the pandemic and Russia’s invasion of Ukraine.

Thompson told MPs: “If you brought the estimate for 2019 prices up to 2023-24 prices, you’d be adding somewhere between £8bn and £10bn further. Construction inflation over the last three years has been 27 per cent … steel has risen by 47 per cent, rebar 53 per cent, concrete 48 per cent, and so on.”

Recent cost concerns were cited in October, when Rishi Sunak announced he would be sacking plans for the HS2 line north of Birmingham.

Current government policies only update prices for large infrastructure projects during spending reviews, the outlet said, meaning the costs for HS2 phase one is still tied to September 2019.

Criticising the process, the outlet said Thompson referred to the “burden” as a “significant administrative faff”.

Louise Haigh MP, Labour’s shadow transport secretary, placed the blame on Rishi Sunak’s “weak leadership and mismanagement of HS2.”

“As chief secretary, Chancellor and now PM Rishi Sunak has allowed costs to soar and public money go down the drain.

She said Labour “launched an independent expert review of transport infrastructure to learn lessons from this shambles, and we will work with our mayors and the rail industry to develop a credible infrastructure plan that can be delivered on time and to budget within our fiscal rules.”

Read more:
HS2 boss admits London to Birmingham line could actually cost £66bn

0
FacebookTwitterGoogle +Pinterest
previous post
AI could give your SME a whole floor of additional staff at the click of a key
next post
Government urged to review £2bn in Fujitsu contracts amid Horizon scandal

You may also like

Major League Baseball’s Ups And Downs With Twitter

March 29, 2023

Soup Sales Surge as Rainy Spring Affects Consumer...

June 18, 2024

UK shop price inflation falls to three-year low...

October 30, 2024

Airbus secures major 90-aircraft order from Flynas at...

July 26, 2024

Aston Martin accelerates into the black

March 2, 2023

London’s small businesses & charities allocated nearly £18m...

April 21, 2023

Hair transplant popularity

March 22, 2023

Capita, Pizza Express and Lidl among 500+ firms...

May 30, 2025

Top Ways to Leverage SEO for Driving Business...

August 31, 2023

FTSE 100 hits record high as recession fears...

February 8, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Good Riddance to the Penny

      June 5, 2025
    • Oracle Fusion Testing: The UK Leader’s Playbook for Automation

      June 5, 2025
    • Blue state Republicans threaten rebellion if Senate changes key provision in Trump’s ‘big, beautiful bill’

      June 5, 2025
    • Ricketts, Fetterman team up for crackdown on China’s attempts to purchase US farmland

      June 5, 2025
    • Hamas working to ‘sabotage’ Trump-backed aid group with ‘fake news’: Israeli official

      June 5, 2025
    • Longtime Trump loyalist flips on GOP’s ‘big, beautiful bill’

      June 5, 2025

    Categories

    • Business (8,148)
    • Investing (2,009)
    • Politics (15,529)
    • Stocks (3,128)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved