MPs “highly sceptical” of Euston private finance plan

The Commons public accounts committee (PAC) has criticised the government’s proposals to leverage private finance to deliver an HS2 link to Euston station.

Credit: DfT

In its report - which questions the value for money of the HS2 initiative following the cancellation of the northern leg of the scheme - the committee of MPs has suggested that the government has “no plan” on how to bring in the private finance needed to deliver the link between Old Oak Common in the west of London, and Euston.

“The PAC is highly sceptical that investment can be attracted of the scale and speed required to make Euston a success,” the committee warned.

It recommended that the Department for Transport should develop plans for “a range of private investment scenarios” to deliver the link to Euston, warning that ”urgent decisions” are required to reduce the risk of incurring much greater costs as a result of stopping and restarting work.

As well as the Euston plan, there are ongoing discussions between the government and the mayors of Manchester and Birmingham to explore the potential of leveraging private finance to resurrect the route between the two cities, which was scrapped by the government at the end of last year.