Title: Pros and Cons of High Speed Rail HS2 - Economics Help
Headings: Pros and Cons of High Speed Rail HS2
Pros and Cons of High Speed Rail HS2
Pros of High-Speed Rail
Cons of HS2
Overall
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Content: Rather than reduce the north-south divide, it may encourage people to live further away from London and use HS2 as a fast commute to London. The costs of HS2 continue to rise. Initially, in 2015, the project was forecast to cost £56bn but could now the total cost could soar to over £100bn. The higher cost is partly due to more expensive tunnelling to keep down noise to residents near the track. One report claims HS2 costs are out of control ( BBC)
There are cheaper and more effective ways to increase capacity, such as digital signalling, investment in local commuting routes. HS3 would link Manchester with Leeds and could be a better way to reinvigorate the northern economy. Rail-future a campaigning group for rail travel criticised the need for ultra high speed trains, there may be a bigger overall benefit from running slightly slower trains over different routes. Railfuture
Although £8bn has been spent on preparation – this is a sunk cost – we shouldn’t go ahead with a bad scheme just because of sunk costs – which are spent no matter what choice we make. It is better to write off bad spending – than compound it and make it worse. ( see sunk cost fallacy)
Overall
It is not often Britain attempts an ambitious investment project.