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| Labour ready to cancel HS2 'if costs rise' | Labour ready to cancel HS2 'if costs rise' |
| (about 1 hour later) | |
| Labour is questioning whether the HS2 rail project is "the best way to spend £50bn for the future of our country". | |
| Shadow chancellor Ed Balls told the party conference they still backed the idea of a new north-south rail link, but there could be no blank cheque. | |
| And shadow treasury minister Rachel Reeves said the party would cancel it "if we don't think it's good value for money and costs continue to rise". | And shadow treasury minister Rachel Reeves said the party would cancel it "if we don't think it's good value for money and costs continue to rise". |
| Supporters say HS2 will provide much needed extra rail capacity. | |
| BBC transport correspondent Richard Westcott said Labour would not commit to cancelling HS2 before the election, but would review it if they won. | BBC transport correspondent Richard Westcott said Labour would not commit to cancelling HS2 before the election, but would review it if they won. |
| He said Labour would look at whether it was the best way to spend £50bn, or whether they should look at other options, like different routes or big improvements to existing lines. | He said Labour would look at whether it was the best way to spend £50bn, or whether they should look at other options, like different routes or big improvements to existing lines. |
| The project's first phase would see 225mph trains running on a new line to be built between London and the West Midlands by 2026. A second phase would see the line extended further north, with branches to Leeds and Manchester by 2033. | The project's first phase would see 225mph trains running on a new line to be built between London and the West Midlands by 2026. A second phase would see the line extended further north, with branches to Leeds and Manchester by 2033. |
| The estimated cost of the plan has risen in the past few months from £34.2bn to £42.6bn - plus £7.5bn for rolling stock - and some senior Labour figures such as Lord Mandelson and Alistair Darling now oppose the project. | The estimated cost of the plan has risen in the past few months from £34.2bn to £42.6bn - plus £7.5bn for rolling stock - and some senior Labour figures such as Lord Mandelson and Alistair Darling now oppose the project. |
| HS2 has had the backing of all three main party leaders since its conception - despite strong opposition among some backbench MPs. | HS2 has had the backing of all three main party leaders since its conception - despite strong opposition among some backbench MPs. |
| Supporters of HS2 argue that apart from shorter journey times, the main argument in favour of the project is the need to greatly increase passenger capacity. | Supporters of HS2 argue that apart from shorter journey times, the main argument in favour of the project is the need to greatly increase passenger capacity. |
| 'No blank cheque' | 'No blank cheque' |
| In his conference speech Mr Balls said: "We continue to back the idea of a new north-south rail link." | In his conference speech Mr Balls said: "We continue to back the idea of a new north-south rail link." |
| He went on: "But under this government the HS2 project has been totally mismanaged and the costs have shot up to £50bn. | He went on: "But under this government the HS2 project has been totally mismanaged and the costs have shot up to £50bn. |
| "David Cameron and George Osborne have made clear they will go full steam ahead with this project - no matter how much the costs spiral up and up. They seem willing to put their own pride and vanity above best value for money for the taxpayer." | "David Cameron and George Osborne have made clear they will go full steam ahead with this project - no matter how much the costs spiral up and up. They seem willing to put their own pride and vanity above best value for money for the taxpayer." |
| Mr Balls added: "Labour will not take this irresponsible approach. So let me be clear, in tough times - when there is less money around and a big deficit to get down - there will be no blank cheque from me as a Labour chancellor for this project or for any project. | Mr Balls added: "Labour will not take this irresponsible approach. So let me be clear, in tough times - when there is less money around and a big deficit to get down - there will be no blank cheque from me as a Labour chancellor for this project or for any project. |
| "Because the question is - not just whether a new high-speed line is a good idea or a bad idea, but whether it is the best way to spend £50bn for the future of our country." | "Because the question is - not just whether a new high-speed line is a good idea or a bad idea, but whether it is the best way to spend £50bn for the future of our country." |
| Construction on the London-West Midlands phase is expected to begin around 2017, once Parliament has approved the necessary powers - probably in 2015. | Construction on the London-West Midlands phase is expected to begin around 2017, once Parliament has approved the necessary powers - probably in 2015. |
| The onward legs to Manchester and Leeds could start being built in the middle of the next decade, with the line open by 2032-33. | The onward legs to Manchester and Leeds could start being built in the middle of the next decade, with the line open by 2032-33. |