Government Response to Euston and HS2 Project: Charles Wright’s Concerns
The government is gearing up to announce public funding for the HS2 rail link from Old Oak Common to Euston, according to recent reports. Despite initial doubts and setbacks, it seems that the funding is becoming increasingly likely. This decision is crucial as reaching central London is essential for the success of the HS2 project. The private sector’s reluctance to step in and fund the Euston link has prompted the government to consider allocating taxpayer funds towards the project.
However, this funding allocation is just the beginning of a challenging journey ahead. Euston station, which is already in need of redevelopment, faces uncertainties regarding its future shape and funding. One major question is whether to revert to the original 11-platform HS2 terminus plan or stick with the slimmed-down version proposed by Rishi Sunak. While the former is more expensive, it offers better capacity for future expansion of services.
Moreover, the development around Euston station is also up for debate. Initial plans for housing and job creation have been scrapped in favor of a new development corporation model. This approach aims to attract private investment for a larger-scale development, similar to the Battersea Power Station area regeneration. However, the practicality and timeline for establishing such a corporation remain uncertain.
The National Audit Office has warned that delays in securing further funding could escalate costs significantly in the future. With the current public funding set to expire soon, it is crucial for the government to finalize its budget decisions to avoid any setbacks. The potential economic benefits of a comprehensive regeneration of the Euston site highlight the importance of making informed and timely decisions.
Amidst these challenges, the appointment of Mark Wild as the chief executive of HS2 Limited offers a glimmer of hope. Wild’s successful track record with the Elizabeth line project demonstrates his ability to overcome obstacles and deliver results. Partnering with transit veteran Andy Byford could further strengthen the leadership team and drive the HS2 project towards completion.
As the government prepares to make critical budget decisions, stakeholders in the Euston area remain cautiously optimistic about the project’s future. The potential for job creation, economic growth, and infrastructure development underscores the significance of getting the HS2 project right. With various interests at play, including local authorities, businesses, and residents, a collaborative and strategic approach is essential to ensure the success of this ambitious undertaking.
