Railways: High Speed Rail

Lord Stoddart of Swindon Excerpts

Monday 28th January 2013 Lords Chamber

[Lord Stoddart of Swindon]

My Lords, first, do I assume correctly that the £34 billion cost is estimated in terms of today’s money? If so, what is the cost likely to be by the time the scheme is finished in 2033? Secondly, how can the Government be so certain that the construction of HS2 will result in a better balance between the north and the south? Is it not possible that more people than ever would be attracted from the Midlands and the north to London and the south?

[Earl Attlee]

My Lords, I cannot answer the noble Lord’s first question because I do not know what inflation is going to do. As to his second question regarding whether HS2 will benefit only London: no, HS2 will play an important role in rebalancing our economy, thereby enabling British cities to work together as an economic powerhouse. I have already said that eight of the 10 top cities will be linked together. London will have Crossrail; it is now the turn of Manchester, Leeds, Liverpool, Sheffield and the east Midlands, with further benefits to Scotland and a whole host of cities in the north. We are not simply building a railway—a way to get between two points more quickly—we are connecting people and markets, and providing a platform for development and regeneration around station sites.