As high speed rail is being dropped in California and France, it’s time for Britain to take the hint

In June last year I predicted in these pages that the government would allow High Speed 2 to die a quiet death. Although the government has since reaffirmed its commitment to the proposed railway line, I am sticking to my prediction. Indeed, if the line is ever built I will book a ticket on the first train out of Euston and consume my hat in the dining car.

How can I be so sure? Because the projected costs of the project are now so ridiculous that it cannot possibly go ahead. Even before George Osborne, in his spending review in June, added another £8 billion to the estimate cost of HS2, the project had a feeble and a deeply flawed benefit-to-cost ratio of 1.4:1. As a suppressed Department for Transport report, finally disclosed in a freedom of information report last summer, made clear, most of the supposed benefits of HS2 are based on the false assumption that businessmen do not use their time sitting on trains productively.