Rishi Sunak had pledged to fund the final section of the Birmingham-London leg of HS2 via private financing
HS2 Ltd, which oversees the high-speed rail project, is set to get the green light to begin constructing the final 4.5-mile stretch of the tunnel connecting Old Oak Common station to Euston station, where the line is set to terminate., reports, with over £1bn in taxpayer cash set to be released to pay for the tunnel.
Prime Minister Rishi Sunak announced last year that HS2’s Birmingham to Manchester leg would be scrapped, with the £4.7bn saved“You’ve still got to dig 4.5 miles of tunnel and that won’t be paid for by the private sector,” he told“At the end of the day the Government will need to be ready to fund the core civil engineering for the final miles of the project,” he said.
He suggested that the development of the areas surrounding Euston would “attract private funding and unlock the wider land development opportunities the new station offers, while radically reducing its costs to the taxpayer”. “The department acknowledges that building just Phase 1 will not be value for money because total costs will significantly outweigh benefits.”
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