Addressing the CBI’s annual conference, Cameron insisted the line between London, Birmingham, Manchester and Leeds, was critical to the country’s economic future.
However, he added that Sir David Higgins, who is currently the chief executive of Network Rail and was previously head of the Olympic Delivery Authority, would be tasked with cutting the budget. In January, Higgins will take up post as chair of HS2 Ltd, the Department for Transport body tasked developing the line.
Last week, ministers published a revised analysis of the economic benefits of the line, which slightly downgraded the estimated benefit to the UK economy.
Cameron today said he would ensure that the government ‘drive every extra bit of cost out of this that we can, so it comes in under the budget that's been set’.
He added: ‘I want to make sure we get every penny of value for money from this HS2 investment.
‘I think it is fantastic that Sir David Higgins ¬– the man who built the Olympics on time and on budget – is going to be running HS2.’
Cameron also told the business group it was ‘nonsense’ to say there were other rail projects that could provide as large a benefit as HS2.
‘People who are against it, in my view, are putting our country's future at risk. They are putting the future of the north of England at risk,’ he added.
‘We need to have a concerted consensus across business, across politics, that we get behind these large infrastructure projects.’
Last week, MPs approved the first tranche of funding for the scheme, so that preparatory work ahead of construction can get under way.
Following Cameron’s comments, Transport Secretary Patrick McLoughlin said Higgins would report cost reduction by next March, before the second reading of the Hybrid Bill that will authorise the building of the line.
McLoughlin said the review will consider how better planning and early engagement with the construction industry could both cut costs and possibly deliver the project earlier. The first part of the route, between London and Birmingham, is set to open by 2026, with the extension to both Manchester and Leeds running from 2033.
Higgins will bring his ‘world class record on infrastructure delivery’ to the project, McLoughlin said.
‘The new north-south line is essential to free up capacity on the existing rail network and bring economic growth to the whole of the country, but I want to ensure that we get these benefits at the best price not any price,’ he added.
