HS2 rail could generate £15billion a year

HS2 high-speed rail project could help boost the UK economy by £15billion a year, says new report.

08:03 12 September 2013

Transport Secretary Patrick McLoughlin has presented a report suggesting that HS2 rail project, which will connect key cities in the country, will help boost the economy by £15billion a year. He said that the proposed new rail line will help unclogged the nation’s transport system. However, he admits that the economic boost will not be felt until 2037.

He said: "High Speed Two will make Liverpool stronger. Manchester stronger. Leeds stronger. Britain stronger.”

"A £15billion annual boost to the economy. With the North and Midlands gaining at least double the benefit of the south."

However, not everybody was on board with the secretary’s plans. Mark Littlewood, the director general of the Institute of Economic Affairs told BBC that “it is a waste of money.” He added:
"That is not to say that we don't need to improve capacity. Rail is an extraordinarily expensive way of doing that."

Meanwhile, John Longworth, director general of the British Chambers of Commerce, told BBC: "Businesses up and down the country are absolutely convinced that this is a really important infrastructure project. It is one of the key infrastructure projects for the UK."