This article was last updated on April 16, 2022
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Former Deputy Prime Minister Lord Heseltine has revealed his backing to the controversial HS2 rail project on Tuesday through claiming that the new rail network would help “rebalance” the U.K. wealth by spreading prosperity around the country.
The senior Tory has called the high-speed line a “really imaginative project”.
According to the current government forecasts, the infrastructure project will cost £42.6bn at current values, plus more than £7.5bn for rolling stock.
Speaking in favor of HS2 and the associated costs, he has said HS2 is as much an act of faith as a reliance on figures, and the U.K. “must consider carefully the cost of not acting” over HS2.
Meanwhile the transport select committee has summoned Transport Secretary Patrick McLoughlin to appear before MPs later this month to provide justification over a contested report predicting the HS2 rail project could benefit the U.K. around £15bn annually.
On the contrary, a member of an HS2 analytical challenge panel, Professor Henry Overman, has provided “independent expert scrutiny”, told available facts advocate the scheme was “not particularly good value for money” compared to alternative transport projects.
HS2 project aims to link Birmingham and London, with tracks to cities including Leeds and Manchester to be built in a second phase. The project become controversial after the reports indicate that an increase in the earlier estimated costs lead to a reduced cost-benefit ratio for the project which consequently reduced its feasibility for implementation.
Ministers are still debating over HS2’s benefits that it will boost the UK’s economic prospects and slash journey times to and from London.
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