Directors urge scrapping of ‘grand folly’ HS2 scheme

“wildly inaccurate”, as only six per cent of directors say they never work on a train.

Also, 48 per cent of members say they spend at least half of the journey working, 26 per cent work for between a quarter and half the time, and 21 per cent spend up to a quarter of the journey time working productively.

Commenting on the research, IoD director general Simon Walker said: “Businesses up and down the country know value for money when they see it, and our research shows that they don’t see it in the Government’s case for HS2.

“Some of the specific claims the Government has used to support its economic case for the project have been challenged by our members, who by and large do not feel that their business will benefit.”

He went on: “We recognise that some of our members are in favour of this project, and there is a plurality of opinion among the businesses community.

“But overall there appears to be little enthusiasm among IoD members, not even in the regions where the benefits are supposed to be strongest.

“Indeed, our research shows that almost every region expects London to benefit the most.

“The IoD cannot support the Government’s current economic case for HS2 when so many of our members are doubtful of the benefits. We agree with the need for key infrastructure spending, but the business case for HS2 simply is not there.

“The money would be far better spent elsewhere and in a way that will benefit much more of the country.

“Investment in the West and East Coast main lines combined with a variety of other infrastructure projects would be a far more sensible option.”

Mr Walker continued: “Our members support increased investment in other aspects of our road and rail network, citing this as more important than investment in HS2.

“As many as 80 per cent feel that investment in existing intercity rail services should be a priority, with just 41 per cent saying the same for investment in HS2. A total of 63 per cent believe the money should be spent on other transport projects.

“Station upgrades, inter-city improvements, tunnels, electrification and capacity improvements should all be considered alternatives. It is time for the Government to look at a thousand smaller projects instead of falling for one grand folly.”

Comment: Page 10.