Part one of this report sets out the government’s view on the value for money of HS2 Ltd’s proposed high speed rail network. It should be read in conjunction with the report Economic case for HS2: updated appraisal of transport user benefits and wider economic benefits for London to West Midlands and the Y Network. The value for money assessment also considers the suitability and robustness of the approach to appraisal used by HS2 Ltd.
The value for money process summarised in this section forms an important part of the transport business case. The methodology used by the department in setting out business cases ensures decisions are made which take account of all the relevant information, and follows an approach consistent with HM Treasury Green Book guidance. The value for money assessment constitutes the economic case for HS2 and considers whether all of the collective impacts delivered by the scheme represent good value for taxpayers’ money. Although there are some overlaps, detailed information regarding the strategic, commercial, financial and management cases is not provided in this document.
Part two of this report reviews the criticisms raised in responses to the High speed rail: Investing in Britain’s future consultation document relating to technical elements of the economic case for HS2. Views and evidence provided to the government in written responses to the consultation were considered in producing this report. It provides analysis to support the Secretary of State for Transport’s decisions as set out in High speed rail: Investing in Britain’s future - decisions and next steps.