The National Audit Office has slammed High Speed 2 today, citing a £3.3 billion ‘black hole’ in the funding plans while suggesting the construction timetable is ‘over-ambitious.’ Not exactly an overwhelming vote of confidence, but does this mean the project is dead in the water?
Far from it — it’s more likely to happen than even an EU referendum. The hybrid HS2 bill (to ensure the project is speedily moved along) was prominent in the Queen’s Speech for this parliamentary session. When I was travelling along the proposed route, even the most ardent fighters have conceded the line will be built. As one remarked to me: ‘all we can do now is maximise our compensation’.
HS2’s commercial challenges have long been known, but that has not halted the project. Ross Clark highlighted the numerous obstacles in the Spectator last June.
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