According to the latest statement from the Department for Transport to Parliament, a total of £40.5 billion has so far been spent on the HS2 project.
The rising cost of the project has sparked public outrage and close scrutiny, further fueled by how the government presents expenditure figures.
In previous semiannual reports, the government provided figures in 2019 prices, making it harder to assess the impact of recent inflation. In its latest statement to Parliament, the Department for Transport (DfT) used nominal prices — that is, actual sums paid at the time of procurement. It reported not only the total expenditure up to April 2025 but also that £2.6 billion was spent on the cancelled second phase.
For comparison, the U.S. Department of Commerce noted that this figure equals £33.1 billion in 2019 prices — about £300 million more than in December last year.
This week’s statement did not specify the expected total cost of the project. In December, HS2 estimated the cost to range between £54 and £66 billion (in 2019 prices), but DfT then said it did not consider these estimates “credible and consistent” and does not expect a new baseline cost until 2026.
According to the latest statement, projected and budgeted spending for the 2025/2026 financial year is £7.2 billion (nominal prices), while last month’s spending review for 2026–2030 allocated another £25.3 billion.
Transport Minister Heidi Alexander also confirmed that “there is no route on which trains could begin operating by 2033, as previously planned,” and criticized the project’s historically poor management.
She noted that, according to Mark Wild — who has been CEO of HS2 Ltd since December — the company currently “lacks the capability and culture to effectively deliver the programme.”
Wild was recently joined by Mike Brown as the new chairman under a restructured leadership. Alexander also stated that the recruitment process for new independent board members has begun to strengthen oversight.
She confirmed that the government has officially withdrawn safeguarding measures along the eastern leg of the route, which was cancelled back in 2021.
Alexander emphasized that this decision will end the “uncertainty faced by many residents along the former route.” However, a small section south of the existing station in central Leeds will remain protected “to support potential upgrades to existing infrastructure, including for additional rail services.”
Safeguards along the former Phase 2b route between Manchester and Crewe remain in place, as some elements may still be needed for the Northern Powerhouse Rail project.