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There has been a total spend up to 31 March 2019 of £7.4bn made up of HS2 Ltd spend and spend by the Department for Transport on HS2 Land and Property. The profile of this spend is set out in the table below. These numbers have been taken from Departmental accounts and exclude £0.6bn incurred by HS2 Ltd to date on construction VAT.
Total spend on HS2 excluding construction VAT (£m)
As set out in HM Treasury’s Statement of Funding Policy, the Barnett formula is generally applied at departmental level at Spending Reviews/Rounds and at programme level at fiscal events. Since 2010, HS2 has received all its funding through the Department for Transport’s settlements at Spending Reviews/Rounds where Barnett has been applied at departmental level. The spending on HS2 is not therefore associated with specific Barnett consequentials.
Following UK Government decisions at Spending Round 2019, the Scottish Government benefitted from an increase of over £1.2bn in the Barnett-based block grant, which will increase to £34.4bn in 2020-21.