Source · Select Committees · Public Accounts Committee
Recommendation 30
30
Acknowledged
£36 billion HS2 savings to be reinvested across UK regions
Conclusion
The Department has said that the decision not to proceed with HS2 phases 2a, 2b and East will unlock £36 billion (2023 prices) and that “every penny of the £19.8 billion committed to the Northern leg of HS2 will be reinvested in the North; every penny of the £9.6 billion committed to the Midlands leg will be reinvested in the Midlands; and the full £6.5 billion saved through our new arrangements for Euston will be spread across every other region in the country. This will be money additional to the local transport, road and rail budgets allocated at the last Spending Review and additional to what those organisations were expecting for the next decade.”60 The Department told us these figures were assumed savings from not continuing with the HS2 phases, with the 2019 prices previously used inflated to 2023 prices.61
Government Response Summary
The government agrees with the committee's observation that the Network North funds will be reinvested. They state that progress will be reported for individual schemes as they mature, covering funding, location, and timescales, and that all schemes will undergo business case approval.
Government Response
Acknowledged
HM Government
Acknowledged
6.1 The government agrees with the Committee’s recommendation. Recommendation implemented 6.2 Network North is a collection of schemes that sit across the department’s portfolio. As schemes are at varying stages of maturity and development, progress will be reported against individual schemes as and when they are appropriately matured, and reporting will cover funding, location and timescales. 6.3 All Network North schemes will be subject to the development and approval of business cases to ensure value for money consideration and will undergo formal governance in line with relevant fiscal and legal duties.