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Government to support £30bn of railway investment
The Government has outlined plans to support £30bn of investment in the railways in the period 2014 to 2020.
This includes committing £16bn of funding for High Speed 2 up to 2020, and earmarking the total £42.6bn cost of construction over the course of the project.
It will also establish a HS2 growth taskforce chaired by Lord Deighton to capitalise on the growth opportunities across the country resulting from HS2.
Danny Alexander, Treasury chief secretary, said the investment made the “Coalition the most pro-rail government in modern history”.
The London Mayor will also get £2m to look at the feasibility of attracting private finance to the £12bn Crossrail 2 project, which will only go ahead if it can raise half the cost from the private sector.
An extra £115m has been committed to the electrification of the Gospel Oak to Barking rail corridor.
There was also confirmed support for Network Rail to invest over £9bn in major rail projects
between 2014-15 and 2018-19.
These projects include stronger east to west links from Liverpool to Newcastle through the
Northern Hub, the opening of the Bedford to Oxford line.
The Government also committed to major electrification on the Great Western line and a new ‘Electric Spine’ between Yorkshire, the Midlands and the south.