The HS2 scheme was given a budget of £55.7bn in 2015 but costs have ballooned, with an estimate of up to £98bn - in 2019 prices - in 2020
Triple lock will be honoured in full Jeremy Hunt suggests, meaning state pension rise of 8.5%
Just seven months after the initial HS2 budget of 55.7bn was released in 2015, the National Audit Office warned the project was under financial strain and could be delayed by a year. In February 2020, the so-called funding envelope was reset, with Phase 1 set at £44.6bn , with the estimated cost for the full network revised to a range of between £72bn and £98bn.Anti-HS2 protests by environmentalists and the Covid-19 pandemic led to new “cost pressures” of £800m, the Government announced in March 2021.
Chancellor Jeremy Hunt questioned why the bill for delivering HS2 is vastly more than similar projects in Europe. “I know there’s lots of speculation on it but what I would say is I’ll approach this in the same way I approach everything in this job, I will take the time to look at it properly, get across the detail and then decide what’s right for the country.“It’s obviously not my money – it’s taxpayers’ money and we should make the right decisions on these things.”
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