HIGH SPEED 2 AND THE MAJOR PROJECTS AUTHORITY REPORT

That this House welcomes the delayed publication of the Major Projects Authority 2015 Annual Report on the costs of High Speed 2; notes the Department of Transport's conclusion as reported in a 2012 Project Assessment Review by the Cabinet Office, that the costs of this project are so large, and over such a long period, that it will not be able to afford it alongside all its other commitments; recalls the previously leaked assessment that High Speed 2 costs would rise to £138 billion, more than twice the publicly-stated estimate of £50 billion; considers that the likely costs of High Speed 2 if ever built would be so high as to require substantial subsidies and high fares for the long-term future; and therefore urges the Government to cancel the project forthwith, releasing funding for more useful and economically viable investment projects across the railway industry.