Stop dithering and build it: Euston is the key to making HS2 worth it

Under the ground a few miles away, however, in Old Oak Common, progress is being made on a crucial part of the new line. A huge machine, nicknamed Madeleine, was set to work last month on creating a new 4.5-mile tunnel that will eventually connect HS2 to Euston.

It’s no secret that public trust in the HS2 project has been shaken by years of delays and escalating cost overruns. But the new line remains crucial to adding much-needed capacity to our rail network, connecting communities up and down the country, and providing a boost to the UK’s sluggish economy.

Here in London, the new HS2 station in Old Oak Common is catalysing a local regeneration which is set to add £10bn to the economy over the coming decade.

Ensuring the line reaches Euston is essential to realising the full benefits of the project. Running the HS2 line between major interchanges in London and the Midlands will maximise passenger access and onward travel, in step with the Government’s welcome plans for rail upgrades across the north of England, and eventually a new Birmingham to Manchester link.

Last month’s positive news on the start of tunnelling to Euston must now be followed by the Government’s promised HS2 reset to help restore public trust in the project. That means establishing a new strategy for cost control, realistic timelines for delivery and certainty regarding funding.

As part of that reset, in due course, we need to see a clear vision for a regenerated Euston station. The Government is aiming to achieve a huge increase in homebuilding, job creation and private investment to support its growth mission, and a new Euston Station in the heart of the capital can play its part in delivering exactly that.

Recent analysis from Camden Council and Metro Dynamics indicates that a regenerated Euston could contribute £41bn to the UK economy by 2053, create 34,000 new jobs, and unlock sites for 2,500 new homes.

A separate study from University College London and Public First highlights that the one-mile radius around Euston and King’s Cross, which brings together some of the UK’s top universities and leading AI, life sciences and tech firms, can go from strength to strength with the right support.

Ministers have rightly stated that they want to work alongside the private sector to deliver a regenerated Euston Station. The Government’s 10-year Infrastructure Strategy, published last year, sets out plans to create “a Euston Delivery Company” that will bring together the public sector and investors to make an integrated Euston Station a reality – encompassing HS2 and national rail services, along with an upgraded underground station.

We now need clarity around what this new vehicle will look like, and whether it will follow a locally led development corporation model or a different structure. Given the array of public bodies that will be involved in taking plans forward, including Transport for London, Network Rail and HS2 itself, a clear sense of how different parties will work together to drive further progress is a must.

And bringing investors on board early will hinge on developing a clear, investible plan that provides them with the certainty they need to back a complex and long-term project.

The Government’s Infrastructure Strategy mentions learning lessons from the innovative framework used to deliver the Northern Line Extension to Battersea.

Part of the funding for the project was made possible by tax increment financing, which sees borrowing against future increases in business rates revenues to help pay for infrastructure which unlocks development. Whether it’s this model or another, the sooner investors have clarity, the sooner they can get behind proposals.

As regeneration plans are taken forward, it’s vital that they are done so in close consultation with local communities, which have waited too long for progress.

The start of tunnelling at the end of last month marks a meaningful step towards transforming Euston from a place that people pass through to a place that people want to visit. It should now be followed up with a bold new vision for the HS2 project as a whole.

It’s high time for a new HS2 station in the heart of London to go up, and those ageing hoardings to come down.

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Muniya Barua is Deputy Chief Executive at BusinessLDN

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