Economic Impact of High Speed 1
High Speed 1 (HS1), the UK’s first high speed railway, is set to deliver over £17 billion in economic benefits, long term growth and regeneration, a new report has concluded.
A study conducted by Colin Buchanan and Volterra found that against a total cost of £7.3 billion, HS1 will generate benefits and impacts of more than double that cost.
The study report highlights how the benefits stretch beyond the obvious transport ones, which include the launch of Southeastern’s domestic high speed train service later this year. HS1 will also have a direct positive impact on economic growth and regeneration, the environment and tourism too. In addition, the railway line is set to result in a positive trickle down effect on deprivation, house prices, consumer spending, accessibility and jobs.
The report suggests that the journey time savings are a small proportion of total scheme benefits by value, with the largest being the regeneration of the three London sites at Stratford, Ebbsfleet and King’s Cross and the wider development impacts across Kent.
Paul Buchanan, Project Director for the study at Colin Buchanan said “our report shows that the benefits of HS1 go far beyond time savings to passengers. Creating faster connections between Kent and London will both relieve capacity constraints on central London employment growth and boost housing demand and regeneration in the region”.
David Joy from London & Continental Railways, which delivered HS1 said:“Regeneration is the most powerful demonstration of the value of investing in high speed rail. This is not just about track and trains - this is about how a railway line can change geography. People will experience the benefits of HS1 even if they never set foot on a train.”