Skip to content
Monday 10 August 2026London --:--Frankfurt --:--Zurich --:--
NewslettersSearchEN · DE
MorningWire

European business, markets and politics

FTSE 100
10,862.50
-0.35%
DAX
26,323.88
+0.02%
CAC 40
8,726.03
+0.13%
STOXX 50
6,535.62
+0.18%
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
More
GermanyFranceBankingAIEnergyFintechPropertyCapital Markets
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
  • DE
Tuesday 12 November 2019 11:44 am

HS2: Leaked report urges government to press on with rail project

By: Alex Daniel

Add as a preferred source on Google
HS2 will link London to the north of England - if Boris Johnson does not end the troubled project

The High Speed 2 (HS2) rail line connecting London to Manchester, Birmingham and Leeds should go ahead in its entirety despite the likelihood of massive budget overruns and falling benefit to the taxpayer, according to a draft of the official review into the project.

Douglas Oakervee, a former chair of HS2 who was tasked with assessing the project by Prime Minister Boris Johnson, has rejected axing parts of the multi-billion pound project to save money.

Read more: Why Boris Johnson is wary of putting HS2 on the scrap heap

His report found that spiralling costs caused by poor procurement meant that the benefit to taxpayers has fallen from £2.30 for every £1 spent in 2017 to between £1.30 and £1.50 for every £1 spent this year.

This is compounded by the finding that HS2 could benefit cities in the north and midlands more than London, because of improved conditions on intercity lines.

Oakervee said the journey from Leeds to Birmingham would be more than halved, from about two hours to 45 minutes.

The 10-person panel advising the review had suggested cutting the eastern arm of the line’s second phase, running between Birmingham and Leeds, as well as ending the line at Old Oak Common in west London instead of Euston station.

Panel members were shown a copy of the draft review on Thursday, shortly after the pre-election purdah period, preventing politically sensitive releases from the civil service, came into place.

Read more

Andy Burnham should show London he cares by funding this one transport project

Andy Burnham, Mayor of Greater Manchester, standing outside 10 Downing Street in a suit and tie.

The report concedes that HS2 is “not affordable” within the £56bn budget set for the project in 2015, and that a new £88bn estimate will most likely be hiked again.

Instead, Oakervee has put forward plans to cut the number of trains per hour from 18 to 14, according to the draft document leaked to the Times.

The timing of the leak piles the pressure on Johnson to clarify whether a Tory government would go ahead with the project.

The PM had sought to delay a final decision until after the upcoming General Election, last week saying he was wary of putting the project “on the scrap heap”, but admitting it was “incredibly expensive”. 

Earlier this year, he told Birmingham Live the price tag would “probably be north of £100bn”.

Read more: Andrea Leadsom thinks HS2 is now ‘out of control’

Opponents of the project have called the review a “whitewash,” and business secretary Andrea Leadsom last month said the project was “insensitive” and “out of control”. 

Lord Tony Berkeley, Oakervee’s deputy on the report, is gearing up to present a dissenting report to civil servants.

Read more

Top investors managing $3tn to gain access to UK infrastructure projects via AI platform

INPP have invested in four new infrastructure firms in the first half of this year

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News

Categories

  • Transport & Infrastructure

Related Topics

  • HS2

Trending Articles

  • Nottingham Forest owner Marinakis sues Crystal Palace for defamation

  • Back to basics: Sainsbury’s gradual retreat from the British high street

  • Thames Water faces fresh threat to survival after pensions regulation breach

  • Hargreaves Lansdown orders staff back to office

  • As it happened: Intel, Arm shares slide; Oil climbs higher

More from Morning Wire

  • Andy Burnham should show London he cares by funding this one transport project

    Opinion
    Andy Burnham, Mayor of Greater Manchester, standing outside 10 Downing Street in a suit and tie.
  • Top investors managing $3tn to gain access to UK infrastructure projects via AI platform

    Investing
    INPP have invested in four new infrastructure firms in the first half of this year
  • Andy Burnham must shake Britain out of ‘analysis paralysis’ and get building

    Opinion
    Andy Burnham speaking at a public event, addressing the audience with a focused expression, highlighting his leadership role.
  • Andy Burnham is on course to rack up the second highest debt interest bill on record

    Opinion
    UK National Debt Clock showing £3 trillion, with Big Ben and the Union Jack in the background.
  • Michael Dell, Lord Johnson and the ‘gun to the head’ meeting that ended a £15bn AI project

    Tech
    Dell Technologies CEO Michael Dell and Johnson discussing AI pathfinder with data center in background
  • OECD sounds alarm on pension triple lock in challenge to Burnham

    Economics
    Andy Burnham discussing AI advancements at a business conference podium with delegates in the background
  • Businesses slam brakes on hiring over Burnham uncertainty

    Economics
    Andy Burnham speaking passionately at a public event, wearing a suit, highlighting his role as a prominent political figure.
  • Arch Construction Risk Report Reveals Top Challenges Facing Sector Amid Rising Volatility

    Business Wire
MorningWire

Independent European business, markets and political news for decision-makers.

Morning Briefing

Europe

  • Germany
  • France
  • Europe
  • UK & Ireland

Business

  • Markets
  • Banking
  • Technology
  • Energy
  • Property
  • Fintech

Editorial

  • Opinion
  • Editorial Policy
  • Corrections
  • Contact

Company

  • About Morning Wire
  • Privacy Policy
  • Terms of Use
  • Cookie Policy
© 2026 Morning Wire Ltd · Published by Morning Wire Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
Privacy · Terms · Cookies · Facebook