The expected economic benefits of HS2 are decreasing as the costs relating to the proposed high speed rail line continue to spiral, according to a group of MPs.
In a new report, the public accounts committee says the Department of Transport is “yet to present a convincing strategic case” for the multi-billion pound project.
“It has not yet demonstrated that this is the best way to spend £50 billion on rail investment in these constrained times, and that the improved connectivity will promote growth in the regions rather than sucking even more activity into London”, said Margaret Hodge MP, the committee’s chair.
“The pattern so far has been for costs to spiral – from more than £16 billion to £21 billion plus for phase one – and the estimated benefits to dwindle.
“The Department [of Transport] has been making huge spending decisions on the basis of fragile numbers, out-of-data data and assumptions which do not reflect real life, such as assuming business travellers do not work on trains using modern technology.”
The IoD described HS2 as a “grand folly” while Darling said it has “highly contentious” economic benefits.
The report by the cross-party group of MPs, along with criticism from the IoD and others, has reinforced hostility towards HS2, which has already garnered a vocal group of opponents.
Joe Rukin, campaign manager for Stop HS2, said, “The problem is that the government just do not want to listen. Now that every argument they have put up for building HS2 has been destroyed, they are ready to invent some new ones.”
“Ignoring all the well thought out criticisms of HS2, and serious warnings that taxpayers’ money will be wasted and costs will go up, government is now set to try and rescue this drowning man by inventing loads of economic benefits which are magically going to come from nowhere, just because it is faster on the train to get to London from a handful of cities.
“It doesn’t matter that any regeneration will need investment on top of the £50 billion price tag, or that all the international evidence shows HS2 won’t create jobs, but move them around the country, especially to London.”
He added, “Nothing seems to matter to them besides trying to convince people that HS2 is ‘essential’, in spite of all the evidence to the contrary and the savage cuts to public spending everywhere else.”
Like our Facebook Page
How to Find an Eco-Friendly Termite Control Service Provider in Malaysia
Eco-Friendly Vegans Win Most Battles Not the War
3 Iconic Chicago Billboards Eco-Friendly Advertisers Can Learn from
EnviroSolar’s Abe Issa Discusses Success in Green Entrepreneurship
How Sports Could Be Impacted by Climate Change
What Eco-Friendly Patients Should Know about Online Therapy
6 Reasons Why Meal Delivery Services are Eco-Friendly
The Path for Retail’s Sustainable Future
4 Eco-Friendly Ways to Treat a Sinus Infection
4 Strategies for Eco-Friendly Real Estate Investors to Find Properties
How Managed Print Services Helps to Reduce Paper Waste
Why Scientists Are Concerned About ‘Forever Chemicals’ In Drinking Water
Meat Farming Is Only Getting Smarter, Easier & Eco-Friendlier
What is Eco-Friendly Homesteading and How Does it Affect Your Insurance?
Importance of Using a Water Purifier in an Area with High Pollution
Alternative Financing Ideas for Green Businesses that Shun Banks
Tencel Material Demand Shows Britain Is More Eco-Friendlier Than Ireland
How To Invest in Clean Energy Stocks in Only Five Easy Steps!
How To Secure Funding As An Eco-Entrepreneur?
4 Amazing Eco-Friendly Businesses Worth Starting in 2021
- Features8 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Energy9 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features8 months ago
Essential Guidelines for Eco-friendly Moving into new Home
- Invest10 months ago
The Eco-Friendly Evolution of Bitcoin Over the Years