HS2 is a 'giant folly' and should be scrapped, warns influential Institute of Directors
The influential Institute of Directors today became the latest voice to join growing calls for the Government to scrap the high-speed rail project HS2.
A survey of its 38,000-strong membership found that just 41 per cent believe HS2 is important for their business, down from 54 per cent two years ago. Only 27 per cent felt the project represents good value for money.
“Businesses know value for money when they see it, and our research shows that they don’t see it in the Government’s case for HS2,” said Simon Walker, the IoD director general. “The IoD cannot support the Government’s current economic case for HS2.
“We agree with the need for key infrastructure spending, but the business case for HS2 simply is not there. The money would be far better spent elsewhere and in a way that will benefit much more of the country. Investment in the West and East Coast main lines, combined with a variety of other infrastructure projects, would be a far more sensible option.”
Eight out of 10 IoD members surveyed said investment in existing intercity rail services should be a priority over spending on HS2.
Mr Walker added: “It is time for the Government to look at a thousand smaller projects instead of falling for one grand folly.”
The embattled team masterminding the project has set up internal tests to ensure it has the skills to keep the project within its £42.6bn budget. The National Audit Office has signed off on a ‘board effectiveness review’. This gets the directors, led by chief executive Alison Munro and chairman Doug Oakervee, to rate their own performance and work out what training they need.
The move comes at a time when HS2’s opponents are apparently gaining the upper hand in their fight against a project that has already gone up by £10bn and, it has been warned, could even reach £80bn.
Ms Munro has denied there is a “blank cheque” for the project. Her team has pointed to HS2’s economic benefits, such as the creation of more than 100,000 jobs.
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Baldness could soon be treated using stem cells, scientists hope
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
Ball pool for adults opens in London
Amal Clooney gives excellent response to fashion question at European Court of Human Rights
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...