HS2 will be built beneath London and linked to Euston station, but only at the expense of the taxpayer, reports say.
Government ministers are set to give the go-ahead for the high-speed railway’s 4.5-mile tunnel under London in the coming weeks, according to Financial Times-cited sources.
Some £1 billion in taxpayer-funded subsidies will be released to support this, sources added, despite previous pledges that private funding would be found and used.
Prime minister Rishi Sunak had proposed plans in October to save £6.5 billion through a public-private partnership that would take on responsibility for the London link.
This came after the Manchester leg of the line was scrapped on the back of mounting costs for the project, which had originally been set to stretch to Leeds.
Under the plan, the final London leg of the project would be scrapped if funding was not secured, leaving trains terminating at Old Oak Common on the outskirts, rather than Euston.
The Department for Transport (DfT) said it was “committed to delivering a privately financed Euston station as previously set out, helping to deliver value for money for taxpayers” in a statement.
“It is one of the largest regeneration opportunities in central London and there is already extensive support and interest from the private sector to invest – and we will set out full details in due course.”