Monday 13 February 2023

The City of London Chamber calls on the government to urgently address concerns around the completion of the HS2 rail line to Euston. The project is expected to create thousands of jobs in Central London and enable faster transport connectivity that will have a positive impact on generations to come. City of London businesses are eagerly looking to the high-speed railway connectivity for creation of jobs, boosting local economies and providing the much-needed capacity on our railways.

UK motorways struggle with heavy traffic and are environmentally more damaging. The City of London Chamber believes that HS2 is environmentally good and will help reduce the UK’s carbon footprint significantly. It will ramp up capacity on the West Coast Main Line and will ultimately create more employment opportunities in cities such as Birmingham.

However, several delays, rising costs and ambiguity around the final destination of HS2 are hurting business confidence in the Square Mile. London businesses are already grappling with other significant challenges such as skills shortages, rising inflation and the cost-of-living crisis amidst a stagnating economy.

Alderman Prem Goyal and Chair of City of London Chamber said,

“For the Square Mile, connectivity is at the heart of everything we do. I urge the government to clarify and reassure City of London businesses that HS2 will go all the way to London Euston. Our businesses need fast access to Birmingham and the North which will help the regions to contribute to and benefit from the wealth generated in London.

“The economic value and feasibility of this project will be significantly reduced if the high-speed rail were to stop short of Central London. In addition, I would like the government to consider the cost of any disruption that occurs due to interchange of trains at the Old Oak Common Station. The success of HS2 is crucial to ensure equal distribution of opportunities across communities in the UK.”

Cutting down services and reducing train speed to curb project costs will only diminish the efficacy of HS2. Furthermore, to expect passengers to change at Old Oak Common and then transfer to other rail services to connect to central London – and onto the Square Mile – would lead to severe delays, substantially increasing journey times which ultimately questions the relevance of this project.

HS2 will not only increase business and trade around the City of London but will play a pivotal role in the development of Euston. High-speed rail is a once-in-a-lifetime opportunity for Britain to come at par with other European economies with a cutting-edge, modern rail line that will connect the financial heart of London with the whole of the United Kingdom.

As the global centre for finance and professional services, the City of London Chamber values the commitment of the Government to ensure that London and the UK as a whole remains the world leader in finance.

ENDS