For Immediate Release
Today the TaxPayers' Alliance has welcomed the announcement by Grant Shapps, Secretary of State for Transport, that the true cost of High Speed 2 (HS2) will be £81-88 billion in 2019 prices. Previous governments have maintained that HS2 would only cost £55.6 billion despite knowing the project was likely to exceed this.
In February 2017 the TPA published research estimating the cost of HS2 at £90.8 billion. This year we launched the Great British Transport Competition that identified 28 alternative transport infrastructure projects that offer better value for money than HS2.
In light of the new figure of £81-88 billion, the government was right to call for an independent review into the project. To prevent wasting more taxpayers' money HS2 should be scrapped as soon as possible.
Commenting on the announcement, Harry Fone, Grassroots Campaign Manager at the TaxPayers' Alliance, said:
"This is a welcome case of government coming clean with taxpayers about the true costs of the hated HS2.
"The problems facing the project are an open secret, with massive overruns and official estimates drifting ever upwards, towards our original estimate of around £90 billion. Overpaid middle management have been unable to keep costs under control, and a bloated PR budget has not helped HS2 Ltd cover their tracks.
"As sceptics have suspected all along, HS2 is dangerously close to coming off the rails. The recent review must now ask difficult questions about whether to throw good money after bad and press ahead or not."
TPA spokesmen are available for live and pre-recorded broadcast interviews via 07795 084 113 (no texts)
Grassroots Campaign Manager, TaxPayers' Alliance
24-hour media hotline: 07795 084 113 (no texts)
Founded in 2004 by Matthew Elliott and Andrew Allum, and now with 80,000 supporters, the TaxPayers’ Alliance (TPA) fights to reform taxes, reduce spending and protect taxpayers. Find out more about the TaxPayers' Alliance at www.taxpayersalliance.com.
TaxPayers' Alliance's advisory council.
- The TaxPayers' has previously estimated the cost HS2 at between £90.8 billion (February 2017).
- The TaxPayers' Alliance launched The Great British Transport Competition to find alternative transport infrastructure projects that deliver better value for money.