Influential business group The Institute of Directors has joined calls for the HS2 high speed rail project to be scrapped due to mounting projected costs.
The organisation has branded the proposed scheme, which would connect cities including Sheffield onto a new 250 mph railway to London, ‘a grand folly’.
The government says it expects the project to cost £42.6bn. But the Institute of Economic Affairs, a think tank, has suggested it could rise to more than £80bn.
A survey of IoD members found that just 27 per cent feel HS2 represents good value for money. IoD director general Simon Walker said: “It is time for the Government to look at smaller projects instead of falling for one grand folly.”