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New Funding Requirements for HS2: Euston Station Expansion Hangs in the Balance

New Funding Requirements for HS2: Euston Station Expansion Hangs in the Balance

The extension of the HS2 rail line to London Euston is contingent on securing enough private investment for the project. Without private funds, the high-speed line will only run from Birmingham to Old Oak Common, requiring passengers to change trains to reach central London. The government has acknowledged the need for private investment and aims to learn from successful projects like the redevelopment of Battersea Power Station and King’s Cross station. However, critics argue that the new plans for Euston are unambitious, and a planned pedestrian tunnel linking Euston station with Euston Square tube station has been scrapped. The Department for Transport (DfT) has expressed its desire to open Euston station as soon as possible and save £6.5 billion with its revised approach. The DfT plans to ensure funding is supported by contributions from those benefiting from the development and by leveraging private sector investment. A new development company, separate from HS2 Ltd, will oversee the delivery of the Euston project.

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