Oral Answers to Questions
Debate between Siân C. James and Susan Elan Jones(11 years, 2 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Susan Elan Jones (Clwyd South) (Lab)
1. What the current budget is for High Speed 2.
Mrs Siân C. James (Swansea East) (Lab)
5. What the current budget is for High Speed 2.
High-speed Rail
Debate between Siân C. James and Susan Elan Jones(13 years, 4 months ago)
Westminster HallRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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Susan Elan Jones
I am certainly open to that idea, which I had not previously thought about. In terms of UK-wide economic benefits, HS1 offers some concrete feedback. Despite some criticism, independent reports have put the value of investment attracted by the line at £20 billion, which is 40 times more than original estimates. The operation has not been sold at a loss, whatever the HS2 Tamworth Action Group says. The lease has been sold, and will be re-sold again and again on expiry. Two more sales will bring the scheme into profit, even without taking the massive wider economic benefit into account.
Mrs Siân C. James (Swansea East) (Lab)
The economic benefit is well known in rail terms: it is known as the spark effect. As my hon. Friend knows, we in Swansea are fighting hard for electrification of the whole rail system to Swansea. We want that economic development. The spark effect is happening across Europe and we would like it in Britain, please.
Susan Elan Jones
My hon. Friend speaks with considerable expertise in this area and I am grateful for her intervention.
Indirectly, HSl enabled the delivery of three major development schemes, in Ebbsfleet, Stratford and King’s Cross, which are all areas in need of regeneration. Some 15,000 homes and 70,000 jobs were created. The project delivered £3.8 billion of transport benefits, which, combined with the operating surplus, offsets the whole project cost.
Independent reports found, in conclusion, the following:
“it is clear that overall the scheme represents high value for money”.