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High Speed Rail (Preparation) Bill

Part of the debate – in the House of Commons at 2:26 pm on 26th June 2013.

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Photo of Patrick McLoughlin Patrick McLoughlin The Secretary of State for Transport 2:26 pm, 26th June 2013

At the moment, the value-cost ratio is reckoned to be 2.5. I also point out that the BCR tells us some things, but not everything. For instance, the BCR on the Jubilee line was a lot lower than that for High Speed 2. If the Jubilee line had not been developed, a lot of the development in Canary Wharf would never have taken place. The line brought a huge amount of investment into the area and the country. It is important that we are seen to be able to compete with other countries in the global race to attract businesses to this country. The point also relates to the Olympic games, where a contingency was allowed and in fact the price of the games came in below the budget that had been set by the Government. I expect the final costs to be lower than those I have outlined. However, I take on board my hon. Friend’s point about BCR.