Businesses brush off HS2 benefits
According to the Institute of Directors the HS2 project is a ‘one grand folly’ and the Government should be focusing on spending the billions it’s going to throw at the HS2 into ‘thousands of smaller projects’.
This is another blow that the HS2 has recently taken under growing pressure for the project to be scrapped. Only 41% of 38,000 members of the Institute of Directors believe that the HS2 is important to their business which has fallen from 54% when the survey was carried out two years ago. From the survey only 27% feel that the HS2 is good value for money.
The director general of the Institute of Directors has stated that they cannot support the Governments economic case for the HS2 but they do agree that key infrastructure is needed but in areas such as the East and West Coast through smaller schemes.
Eight out of ten Institute of Director members surveyed believed that investment should be made to intercity railway services instead of spending money on the HS2. A huge 70% of the members of the Institute of Directors stated that their business would not improve productivity of their business.
The latest news from HS2 Ltd is that there have been internal tests undergone to ensure that the team behind the HS2 have got the skills to guarantee the budget will not be broken through over spending.
The current budget for this property is £42.6 billion but it is expected to rise to £80 billion by the end of the project if it goes ahead. The budget for the project has already been raised by £10 billion from the initial figure.
Labour is also considering removing its backing of the project which could open up the real possibility of it being cancelled. What are your thoughts on the HS2 and do you think it will be built or not?
Amanda McGovern, Pali Ltd
- 360 Ground Due Diligence & Coastal Hazard Assessment with Terrafirma & Pali
- Pali Teesside Fundraising Walk
- Groundsure's NEW GeoRisk and GeoRisk + mining reports for property transactions/conveyancers
- Pali Joins Forces With Redbrick Solutions
- Terrafirma's brand new education series - UK Ground Hazards and Property: The Risks you need to know
Subscribe to receive a weekly update of our blog posts