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HS2 could cost up to £22 billion more than its previous budget and be delayed by as many as seven years, the company building the railway said.
A report by HS2 Ltd chairman Allan Cook stated that the original plans “did not take sufficient account” of the effect of building a high-speed line through areas that are densely populated and with challenging ground conditions.
He added that the project’s budget has “proved unrealistic”, but added: “At the same time the benefits have been understated.”
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Mr Cook said the previous budget for HS2 was £55.7 billion but it could cost up to £78 billion, with both figures at 2015 prices.
It was due to open in phases, with the final sections from Crewe to Manchester, and Birmingham to Leeds, completed by 2033.
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But the scheme is not expected to be completed until as late as 2040, Mr Cook added.
A separate review into whether to scrap the railway was launched by Prime Minister Boris Johnson last month and will be completed this autumn.