Question to the Department for Transport:

To ask the Secretary of State for Transport, what her Department's planned timetable is for securing private investment for Euston station; whether discussions have taken place with potential investors; and what contingency plans exist should sufficient private funding not be secured.

The Department is exploring a public-private partnership (PPP) to support delivery of the HS2 Euston station. It is important that this work is completed thoroughly to support a robust commercial proposition.

We expect the timetable to be consistent with procurement timeframes, typical for this type of PPP model. Our focus over the next two years is to ensure that we are well-placed to run a successful competitive procurement.

It is essential that plans are market-tested before launching the procurement, allowing us to identify and address any concerns. To this end, the Department has conducted a preliminary market engagement earlier this year to raise awareness, and to gather feedback from potential investors and delivery partners, which has shown healthy levels of interest in our proposals.

A PPP will be subject to value for money and sufficient risk transfer. If private finance cannot be secured on acceptable terms, the Department will consider alternative delivery and funding options in discussion with HMT. In any scenario, we will be able to benefit from the preliminary technical work and the discipline it brings, including if we choose to revert to a different commercial procurement model (e.g. public procurement).