Prior to the October 2023 announcement, HS2 Ltd estimated that the total costs of Phase 1 would be £49 billion to £57 billion. The Department’s estimate was lower, at £45 billion to £54 billion but still above the funding envelope of £44.6 billion set in 2019. These estimates were all calculated 14 Qq 72–73 15 Qq 5, 37, 39 16 Qq 1, 6–7, 12 17 C&AG’s Report, Figure 8 18 Qq 6, 9, 13 19 Q 12 12 using 2019 prices.20 HS2 Ltd has continued to assess the cost of the programme and provided an even hi...

Prior to the October 2023 announcement, HS2 Ltd estimated that the total costs of Phase 1 would be £49 billion to £57 billion. The Department’s estimate was lower, at £45 billion to £54 billion but still above the funding envelope of £44.6 billion set in 2019. These estimates were all calculated 14 Qq 72–73 15 Qq 5, 37, 39 16 Qq 1, 6–7, 12 17 C&AG’s Report, Figure 8 18 Qq 6, 9, 13 19 Q 12 12 using 2019 prices.20 HS2 Ltd has continued to assess the cost of the programme and provided an even higher estimate to its Board in June 2024 of £54 billion to £66 billion, again still in 2019 prices. HS2 Ltd told us that this was based on new information Type: conclusion | Number: 12 | Response status: not_addressed Government response: 2.1 The government agrees with the Committee's recommendation. Target implementation date: Spring 2026 2.2 The Secretary of State has commissioned the CEO of HS2 Ltd to undertake a comprehensive review of the programme, including HS2's current cost position and t