Source · Select Committees · Public Accounts Committee
Recommendation 35
35
Acknowledged
Department anticipates mixed funding for Euston station, including significant private investment.
Conclusion
We also challenged the Department on the likelihood of obtaining the more than £6 billion that the station at Euston is estimated to cost from the private sector. The Department suggested that the funding for Euston would likely be a mix of four components: private financing of the HS2 station; development receipts from commercial development; tax increment finance or contributions from local government; and some residual public funding. The Department told us that it had carried out some early market–testing of the potential for private financing and as a result believes it is a viable option. The Department said that once decisions are taken on the delivery model and spatial allocation, and the detailed design of the station has begun, there will be a better understanding of the potential commercial return and likely level of private investment.60
Government Response Summary
The government agrees with the conclusion and will provide an update on progress on Euston, including potentially on funding, in its next six-monthly report to Parliament in Summer 2025.
Government Response
Acknowledged
HM Government
Acknowledged
6.1 The government agrees with the Committee’s recommendation. Target implementation date: Summer 2025 6.2 The department’s next six-monthly update to Parliament is expected to be published in Summer 2025 and will include an update on progress on Euston. 6.3 The department is also responding to the Committee’s letter of 6 March 2025 requesting an update on the HS2 Euston tunnelling schedule.