The chairman of the high-speed rail project reportedly warned that the cost of work could rise by thirty billion pounds. In the United Kingdom, today they are concerned about the creation of a planned transport connection, which was originally supposed to correct the unstable situation of the British economy and solve a number of commercial problems. According to newspaper sources, according to experts, money may simply not be enough.
Get ready for a big waste
Allan Cook, chairman of the HS2 Ltd project, wrote to the Department of Transportation that the high-speed line could not be completed and implemented within its meager budget, which currently stands at only fifty-six billion pounds. Allegedly, it is necessary to add at least thirty more to the cost of the project, the Financial Times writes about this. It is reported that the discussion of expenditures is ongoing and the amounts mentioned are not final.
High-speed railway
The planned line is to connect London, the Midlands and northern England with trains capable of traveling at a speed of 250 miles per hour. Currently, the HS2 Ltd project chairman is conducting detailed work on the cost and schedule of the project to provide all the necessary benefits for passengers. And as part of the development of the economy, project customers intend to achieve a balanced price-quality ratio of the future road. I must say that work on this project is ongoing. Allan Cook is expected to submit his final assessment in the coming days.
What do we know about this project?
First of all, this is a new railway. The first segment of the project between London and Birmingham is due to open in late 2026, and the second phase in Leeds and Manchester is expected to be completed by 2032–2033. A spokesman for HS2 Ltd says management does not comment on leaks or speculation.
It is noted that experts, as one would expect, continue to carefully study the program and regularly report to the Department of Transport. The founders of the project are determined to build a railway that will balance the country's economy, create new jobs, accelerate economic growth and will be beneficial for all taxpayers.
Lack of money
According to project management, in recent months there have been serious economic changes. Against this background, the planned construction of a new high-speed railway in its current form is increasingly unlikely within its budget, which so far is inadequate fifty-six billion pounds.
And much evidence has already been given that the initial estimates of how much it will cost to buy land and property along the route were significantly lower than the true values. This problem occurs at a very unfavorable and sensitive time for the British wallet.
Minister of Transport Chris Grayling, who has repeatedly insisted that the project should be better funded, may leave his post in the next few days. Boris Johnson, considered the next British Prime Minister, is not a fan of this scheme. Mr. Johnson has already asked HS2 Executive Director Douglas Oakervi to conduct a separate project review. It is worth noting that the government assumes a rather large risk by investing so much money in high-speed rail.And he, it seems, will only grow with the passage of time.
Thus, in the United Kingdom today, they are seriously concerned that a new railway project could be much more expensive than originally planned.