That well know “supporter” of public investment the Institute of Economic Affairs (IEA) has weighed in against HS2 (The High Speed Rail proposal to drag Birmingham kicking and screaming into the South East) arguing that it is going to cost far too much.
“The evidence is now overwhelming that this will be unbelievably costly to the taxpayer while delivering incredibly poor value for money,” he said.
“It’s shameful that at a time of such financial difficulty for many families, the government is caving in to lobbying from businesses, local councils and self-interested politicians more concerned with winning votes than governing in the national interest.”
The institute said the policy may have been partly followed to win votes in “response to poor electoral performance in the north of England in recent elections”.
And it said money would be better spent on more “commercially viable” road, rail and transport projects “not requiring support from the taxpayer”
BBC Website 18 August 2013: HS2 ‘could cost taxpayer £80bn’
I also think it will be costly (very) but there are more important reasons for not proceeding with the current proposals. Read more…