£50bn HS2 boost
High Speed Rail Industry Leaders report says local investment plans must work with HS2 to maximise benefits.
INVESTMENT and local delivery plans must complement HS2 Phase 2a to maximise benefits, according to a new report by the High Speed Rail Industry Leaders (HSRIL) group.
The planned Crewe Hub scheme supports ambitions for regional growth. And HSRIL’s Fast-tracking Prosperity in the North West and Midlands report, published on April 9, argues that HS2 Phase 2a could help the region to double the size of its economy to more than £50 billion.
Jim Steer, Director of HSRIL, commented: “The biggest and most ambitious infrastructure project in the country is moving ahead at pace. The accelerated section to Crewe means that HS2 infrastructure reaches the North six years earlier than originally planned and brings exciting wider development opportunities.”
Councillor Rachel Bailey, Leader of Cheshire East Council, said: “The latest HSRIL report recognises the importance of good growth on the back of high speed rail. We need to ensure communities are engaged, and partners and investors are aware of the enormous opportunities for connectivity and economic prosperity in our region.”
The study suggests that lower journey times to Crewe and destinations north as a result of Phase 2a will bring further benefits - 100,000 new homes and 120,000 new jobs could be created by the Northern Gateway Development Zone in Staffordshire and Cheshire.
Reduced demand for air travel brought about by faster rail services is also predicted. The report suggests that if patterns established by Eurostar on the London-Paris corridor are repeated, the number of flights between London and Scotland could halve, saving an estimated 77,000 tonnes of carbon dioxide emissions per year.
At present, Phase 2a has a benefit:cost ratio of 1.9:1, with Crewe Hub showing a ratio of 3.2:1 to 4.1:1. Capacity released by the railway could benefit freight operators (albeit with caveats about capacity north of Crewe on the West Coast Main Line), although the report acknowledges that no decisions have been made yet on how to use this.
One option is to increase service frequency to Nuneaton, Tamworth, Lichfield and Rugeley from hourly to half-hourly. Another is to double the frequency of London-Chester and potentially Wales services.
Small to medium-sized enterprises (SMEs) are also set to benefit from Phase 2a, with an aspiration that 60% of HS2 contracts will go to companies of this size.