Local transport schemes offer better value for scarce public money than plans for the High Speed Rail (HS2) line from London to Birmingham, a select committee inquiry was told this week.
Opponents to the Government’s £32bn fl agship transport scheme told the Commons transport committee there were better ways to invest in infrastructure. However, those giving evidence could not agree on a preferred alternative. John Tomaney, professor of regional development at Newcastle University, suggested the money would be better spent on local schemes in cities.
He said: ‘The evidence is much stronger that investments at the metropolitan levels is [better]. Rail can be part of that, but so could buses and the ability to move pedestrians around the city.’
Lord Wolfson told MPs he opposed the scheme on the grounds it did not represent good value for money. ‘The key for good infrastructure in this country is investing sensibly,’ he said. ‘I would like to see more investment in infrastructure. But the level of return on this investment [does not compare favourably] with what you could get elsewhere.
When asked by Tory MP, Kwasi Kwarteng, why every country in the developed world was investing in extending high-speed rail, Lord Wolfson said: ‘The question is, “is it the top priority for UK investment?” And the answer has to be “no”.’ Lord Wolfson said the Eddington report showed the average return of investment for road schemes was 3.7:1 compared to HS2’s, which stood at 2.6:1.
‘There are many projects which should be taking priority over HS2. For example, widening of motorways and elimination of pinch points on our road network.
‘Given the limited amount of money available, it’s not in the national interest to take a huge chunk of it and invest it in HS2. It doesn’t make sense to prioritise rail over road.’ But Prof Tomaney said: ‘I would not support that. There is no evidence of that.’
However, he agreed HS2 was not a sensible option, and said the UK needed ‘regional planning policy before it started to think about high-speed rail’.
