Private sector investment needed for HS2 to reach Euston station

Published

2 years ago

October 6, 2023

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The embattled highspeed rail project, HS2, will not reach its London terminus without private sector funding, Sky News understands.

Without substantial corporate investment there is no guarantee of the line ending in Euston – instead it would end at Old Oak Common in west London.

Prime Minister Rishi Sunak has reallocated the public sector budget for a new extension to the station and a tunnel leading to it on transport links in other parts of the country.

In a speech scrapping the Manchester leg of the line, Sunak pledged investment for other areas of the North, including a Midlands Rail Hub to connect 50 stations and the Network North project to join up northern cities by rail.

Euston and its surrounds are already in the process of being redeveloped to make way for the line and for a new Euston station.

But HS2 work at Euston was paused earlier this year due to ballooning costs. Estimates grew to £4.8bn compared with an initial, 2019 projected spend of £2.6bn.

A new development company, separate from HS2 Ltd, will be appointed to manage the delivery of the Euston project, the Department for Transport said.

“There is already support and interest from the private sector,” a government spokesperson said.

“Ministers have had discussions with key partners since the announcement and the transport secretary will be meeting with the Euston Partnership in the coming weeks.”

Extending HS2 to Euston involves building 4.5 miles of underground tunnel from Old Oak Common and a six-platform station next to the existing Euston station. Initial plans were to build 11 platforms.

The government has again showed its support for the original plans.

Mr Sunak said the line from Birmingham to Euston will be completed, in his Conservative Party conference speech on Wednesday, and the government’s new plan for the central London station, including taking private investment, will generate “£6.5bn of savings”.

Officials at the Department for Transport believe the capacity of Old Oak Common as an HS2 start and end point can facilitate eight trains per hour, the same number as planned for Euston.

There are concerns, however, at the lack of options for onward journeys from Old Oak Common. Euston is connected to national rail and multiple tube lines.

Government modelling also showed two-thirds of people would prefer to travel to or from Euston.

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Roman Storm’s lawyers signal continuance if court allows hacker’s testimony

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1 hour ago

July 10, 2025

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The Tornado Cash co-founder is scheduled to go to trial on Monday, but his defense attorneys are still waiting on rulings for motions over witnesses in the case.

Politics

Migrants deal a win for Starmer – and could help with fight against Reform

Published

3 hours ago

July 10, 2025

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Migrants deal a win for Starmer - and could help with fight against Reform

The bromance between Sir Keir Starmer and President Macron is so apparent – embraces all around.

This is some deft diplomacy from Sir Keir, who has been love-bombing his French counterpart ever since he became prime minister – trying to get closer ties, be it on security, on trade, and now of course on small boats.

And he has got a win today – he’s got President Macron to agree a deterrent deal.

Politics latest: Macron stokes undiplomatic Brexit row

You remember the Conservatives were trying the Rwanda plan to deter people from coming by sending them back to Rwanda, a third country, if they came here illegally.

What the prime minister has agreed with President Macron today is a big deal. It’s a one in, one out deal.

What they’re going to do is, if someone arrives here illegally, they will be sent back to France, and in return, the UK will accept a legitimate asylum seeker. It might be someone who has family ties.

It’s going to start off really small – think of it as a pilot – as they’re going to test it out, see if it works.

It might be just a handful of people being sent back, maybe just under a thousand or so by the end of the year. But they will hopefully, for the prime minister, scale it up and it could become a real deterrent.

I’ll leave you with just one more thought: As Prime Minister Starmer and President Macron were doing this deal today, Nigel Farage was in the English Channel documenting illegal migrants making that crossing – 79 people being picked up by Border Force, taken off a dinghy and into Dover.

Polling out this morning by Portland suggests four in 10 voters who are planning on going to Reform would go back to Labour if the prime minister tackles small boats and drives down the crossings.

There is a real political imperative for him to try to start to resolve this problem. It’s going to count at the ballot box – immigration is a top-three issue in this country when it comes to voters.