Spring Budget 2024: Government outlines steps to privately finance HS2’s Euston station

The government has outlined the next steps for securing private sector funding for HS2’s embattled Euston station in the Spring Budget today.

Parts of the station site are being identified for “early release and development in the coming months,” the Treasury said, with the help of construction firm Lendlease and Camden council.

A ministerial taskforce and housing delivery group have also been set up to oversee the “next stages” of private financing, while also regenerating the local area.

The government is banking on private developers to ensure HS2 runs to central London’s Euston station rather than the outer suburbs.

However, some contractors and key government advisers have raised concerns over the viability of the plans in recent months.

If the extra investment is not found, it would mean the high speed line will be forced to run from Birmingham to Old Oak Common.

The new taskforce will “set direction and facilitate decision making,” the Treasury said, while the Euston Housing Delivery Group will be given £4m to support plans to deliver 10,000 homes in the area.

Local restaurants and businesses in areas such as Drummond Street near Euston station have been struggling for a while as visitors have started to avoid the area since construction for the HS2 extension began.

The next stage of East West Rail, a railway line connecting Oxford and Cambridge, has also been given the green light and timetables on the East Cost mainline will be “upgraded.” No additional details were provided.