HS2’s boss said he is considering delaying the high-speed rail project, among other options, to curb rising costs.
The price tag of the project, which will link London to the Midlands and the North, has more than doubled to £71bn from the £33bn outlined in 2010, with some estimates over £100bn, according to the BBC.
Rising material cost inflation has been “significant”, CEO Mark Thurston told BBC News.
“Whether that’s in timber, steel, aggregates for all the concrete we need to use to build the job, labour, all our energy costs, fuel.”
He added that the project is working with suppliers and the government to find ways to mitigate the rising costs, but said the group is looking at a number of options.
HS2, or High-Speed Rail 2, is a government project to build a high-speed railway linking London to Birmingham in the Midlands and Manchester in the North of England.
There were also plans to connect London to Leeds via the project, although this was scaled back in 2021 in the Integrated Rail Plan.
First passengers are currently forecast to board the trains between Old Oak Common in West London and Birmingham between 2029 and 2033.
London's Euston station, which will be the eventual start point (or end) point is scheduled to open in 2035, while further stretches to Crewe and then Manchester are due by 2034 and 2041.