The chief executive of HS2, Mark Wild, admitted spikes in inflation, particularly those driven by the war in Ukraine, were partly to blame for the spiralling costs, alongside the late completion of the design.
The boss of HS2 admitted the budget for the hugely delayed high-speed rail project is set to balloon to £100bn. Mark Wild , who was parachuted in to 'reset' the project, also stated that he was 'convinced' it would not be delayed any further after years of setbacks.
The first trains are likely to launch between May 2036 and October 2039 on part of the line. Though first announced more than a decade ago, HS2 was set to cost £32.7billion for the leg from London to Birmingham. Construction on HS2 began in 2017 before the design had been fully completed, prompting spiking inflation and increased costs. Despite the tracks being built to withstand higher speeds, the trains will run slower at a maximum of 199mph rather than 224mph.
Rail minister Lord Hendy has spoken of the 'horrified' taxpayer's sentiment following the announcements of the project's multiple delays and budget increases. Mr Wild, a former London Underground boss, was appointed to 'reset' HS2 after rescuing projects from two major delays, including Crossrail
HS2 High-Speed Rail Mark Wild Project Delays High-Fidelity Schedule Train Delays Budget Increase Speed Reduction Past Short-Sightedness Inflation Uncertainty Pledges Statement
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