Private funding proposed as Rishi Sunak expected to axe northern leg of troubled rail project
The Conservative Mayor of the West Midlands has launched a last-ditch effort to save HS2’s northern leg by securing private funding to finish the troubled project.
Andy Street, the former John Lewis boss, is understood to have urged Rishi Sunak to strip the government-owned organisation HS2 Ltd of control over the multibillion-pound scheme and instead put a development corporation in charge.
Sources pointed to the original Channel Tunnel project as an example, which was built by a consortium of private firms, as well as London’s Elizabeth Line, which received cash contributions from some major businesses in the capital and was part-funded by extra business rates.
In meetings on Tuesday Mr Street was racing to build support for his proposal among businesses attending the Conservative Party Conference in Manchester.