HS2 cuts costs

The cancellation of the HS2 line from Birmingham to Manchester has resulted in taxpayers incurring over £2 billion in costs, as revealed in HS2 Ltd's latest annual report. The former Prime Minister Rishi Sunak's decision to scale back the project included a £1.1 billion writedown for work already completed and an additional £1 billion in accounting charges. The downgrade of the Euston station from ten platforms to six has also contributed to losses totaling £153 million. In total, the financial impact from the cancellation and reduced scope of HS2 amounts to approximately £2.17 billion, which includes expenses related to preparatory works and remediation. The Labour government has indicated it will not reverse the previous administration's decision, although speculation remains about potential changes under new leadership. HS2's former chief executive, Mark Thurston, was compensated £652,569 during his last year, which included a bonus, despite the project's significant financial losses.