The controversial HS2 rail project could cost significantly more than expected, according to the Institute of Economic Affairs (IEA), which claims that the government should drop the proposed route.
Measures to silence opponents of the project, such as a second tunnel, a change of route and compensation to communities affected by the railway, could add an extra £30 billion to the initial costs, says a new report by the free market thinktank.
The project was set to cost £32 billion but in June, the government announced an additional £10 billion cost, plus £7.5 billion for new trains.
In this scenario, the cost would rise to £80 billion – or £3,000 per households, according to The High-Speed Gravy Train: Special Interests, Transport Policy and Government Spending report. The study has found that the long-term cost would be even higher, because the HS2 scheme would divert funds from other high-return transport projects.
Alison Munro, chief executive of HS2, described the IEA’s analysis as “absurd“.
Richard Wellings, author of the report, said, “It’s time the government abandoned its plans to proceed with HS2. The evidence is now overwhelming that this will be unbelievably costly to the taxpayer while delivering incredibly poor value for money.
“It’s shameful that at a time of such financial difficulty for many families the government is caving in to lobbying from businesses, local councils and self-interested politicians more concerned with winning votes than governing in the national interest.”
HS2, which is set to connect London Euston to the West Midlands and the West Midlands to Manchester and Leeds, has sparked debate over the past few months, especially because of its cost and unclear economic benefits.
Campaigners have also claimed it will go through rural areas, affecting landscape and communities.
Like our Facebook Page
Is It Possible to Work in Tech Without Harming the Planet?
Zero Waste Living and Its Importance
Investing in a Sustainable Environmental Future for Northern Virginia
Prominent Trends in Seafood Sustainability in 2022
Sustainable Landscaping Tips for Your Property
Can PEMF Help To Improve Plant Growth for Eco-Friendly Gardeners
How the U.S. Government is Promoting Green Energy in the Country
12 Essential Things for Buying Your First Home
Harnessing Sustainability with User-Centric Technology Innovation
Making Your Dream of Having an Eco-Friendly Garden Come True
7 Eco-Friendly Plant-Based Alternatives for Everyday Products
Top 5 Benefits of Eco-Friendly Cars
Why Eco-Friendly Homes Should Have Outdoor Bathrooms
Merits of Sustainability Reporting: What Every Manager Must Know
Low Emission and Clean Air Zones: What You Need To Know
CEO Brian Ladin Explains How The Shipping Industry Is Going Green
A Guide to Eco-Friendly Landscaping
Is the Hyundai i30 A Valuable Investment?
Is Couchsurfing a Good Option for Eco-Friendly Traveling?
How To Set Up A Sustainable Smart Home
Features11 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
Energy12 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
Features11 months ago
Essential Guidelines for Eco-friendly Moving into new Home
Features10 months ago
5 Compelling Reasons to Hire an Eco-Friendly Contractor