The business case for HS2 is falling apart, and with it the political consensus. Vince Cable has today become the latest one to say that the case is not made. Wednesday’s Newsnight put together transport experts who suggested that the taxpayer would get 50p or 60p of benefit for every £1 spent. (HS2 started by claiming a £2.60/£1 ratio). The ex-Transport Secretary, Philip Hammond, said that £1.50 would be his breaking point). Inside government, jokes are made about how David Cameron and (to a greater extent than you’d think) George Osborne are in denial about the implosion of this grand project.
Labour had been supportive (thanks to the continuing evangelism of Andrew Adonis) but today’s FT has Ed Balls saying there will be “no blank cheque” for HS2. He senses a U-Turn is inevitable and wants to call for one now. Mandelson says HS2 could prove an “expensive mistake” and Alistair Darling is against it.
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