![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/hs2-has-used-up-over-a-quarter-of-its-contingency-funding-11-years-ahead-of-opening/&media=https://uknews.evprotec.com/wp-content/uploads/2022/10/TELEMMGLPICT000311799807_trans_NvBQzQNjv4BqKQ5Yvlf_tS7m85BSV1LmKl5NUcTKNHKqy85KLqtvPLE.jpeg&description=The first phase of the HS2 project has already used more than a quarter of its contingency funding up to 11 years ahead of opening. Mark Harper, the new Transport Secretary, said the London-to-Birmingham leg is likely to overshoot its latest "target cost" and is burning through money reserved for additional costs. The Government has urged the company running the project, HS2 Ltd, to find savings because it is concerned about a number of unforeseen costs, including more than £100m of design work for a new station at London Euston that can no longer be used. More than a quarter of HS2 Ltd's £5.5 billion contingency fund for the first leg of the project has already been spent, even though the project has not yet reached 'peak construction' and is not expected to be operational until between 2029 and 2033. Unexpected construction and land costs have meant 'the final delivery cost is likely to exceed its target cost of £40.3bn based upon its forecast of future spending', Mr Harper said in a written statement to MPs this week. 'As a result, in September, the Department commissioned HS2 Ltd to develop and implement actions to bring projected costs back in line with the target cost.'){kind=link}
£105m design for 11-platform terminus at Euston can’t be used as managers opted to build a smaller 10-platform building instead
The first phase of the HS2 project has already used more than a quarter of its contingency funding up to 11 years ahead of opening.
Mark Harper, the new Transport Secretary, said the London-to-Birmingham leg is likely to overshoot its latest “target cost” and is burning through money reserved for additional costs.
The Government has urged the company running the project, HS2 Ltd, to find savings because it is concerned about a number of unforeseen costs, including more than £100m of design work for a new station at London Euston that can no longer be used.
More than a quarter of HS2 Ltd’s £5.5 billion contingency fund for the first leg of the project has already been spent, even though the project has not yet reached “peak construction” and is not expected to be operational until between 2029 and 2033.