China commits to HS2 investment
CHINA Development Bank (CDB) wants to invest in the HS2 high-speed rail project which will link London with the Midlands and the North via 225mph trains.
To coincide with a visit to the UK by Chinese Premier Li Keqiang, China says it wants to back major UK infrastructure projects and has signed £14bn in trade deals.
As part of this commitment, the state-owned CDB wants to invest in HS2 and the next generation of nuclear power stations.
Prime Minister David Cameron, said: “The UK is the most popular destination in Europe for Chinese investment with more Chinese investment into the United Kingdom in the last 18 months than the whole of the last 30 years combined.”
Premier Li originally offered direct help to build HS2 during Cameron’s visit to China last December. That offer was followed by China Railway Group, a subsidiary of the state owned China Railway Engineering Corporation, saying that it could also help with construction projects connected to HS2.
The first part of the line – London to Birmingham is due to open in 2026 – with links to Leeds and Manchester up and running by 2032.
The project is expected to cost £50bn, including rolling stock.
Meanwhile, Birmingham Labour MP Liam Byrne has warned that plans for a high speed rail depot in Birmingham could cost the city 7,000 jobs.
Hodge Hill MP Byrne is opposed to the planned HS2 marshalling yard on an ex-factory site in Washwood Heath.
The development would reportedly create 650 jobs but Byrne said up to 7,000 jobs could be created on the site within five years under alternative proposals.
