Rishi’s promise to spend £36bn on small towns begs the question: Where’s THAT money coming from?

The list of schemes – road, rail, train and bus – from Sunak’s speech sounded impressive, writes John Rentoul. But untangling the cash that had been destined for HS2 will be easier said than done

Sunak said ‘every region outside London will receive the same or more with quicker results’ (PA)

Even if you agree with stopping the HS2 project and spending the money on smaller transport schemes in the North instead, Rishi Sunak is not necessarily going to get your vote.

The prime minister claims to have saved £36bn and suddenly has a magic money tree of spending available at a time when the public finances are squeezed. But it is all capital investment, so the “savings” can be spent only on infrastructure projects.

The list of schemes – road, rail, train and bus – that he read out in his speech to cries of “more!”, sounded impressive. “There is more; there’s lots more,” Sunak said. But having just cancelled one big, long-term project, why would the voters think that he will see hundreds of slightly less long-term ones through?