Barely a month after construction officially began in 2020, the cost had already rocketed to $134 billion (£106bn/€127bn), and the completion date of phase two had slipped to as late as 2040. Attempting to rein in the price, the UK government axed the connection to Leeds, hoping to keep costs closer to $121 billion (£96bn/€115bn). It wasn’t enough, and the Manchester portion of the project met its demise in October 2023. At the time, then-Prime Minister Rishi Sunak said this could save an additional $45.5 billion (£36bn/€43bn).
Construction is underway for what remains of the rail line, though there is still enormous uncertainty surrounding the project. The UK's new Chancellor of the Exchequer, Rachel Reeves, announced in her first budget that money would be guaranteed to build the line all the way to London’s Euston Station instead of ending at a northern suburb – an idea floated as a cost-saving measure – but made no comment on how much it would cost.
Government estimates for the total project cost are as high as $70 billion (£55.4bn/€66.2bn), and the opening date is unknown.
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