Its report also said the £33bn cost does not offer value for money. Evidence that HS2 - which will link Birmingham with London in the first instance and then create high-speed rail links to Manchester and Leeds - would promote economic growth or tackle the north-south divide is "limited", it suggests.
The NEF said the Government had "backed the wrong horse" and the money would be better spent on a "wider range of transport investments". Work is due to start on the first phase of the HS2 project in 2016 with the Birmingham-London link due to be up and running in 2026.
But NEF argues the money could be better spent elsewhere. Its suggestions include £10bn being spent on transforming rail infrastructure in northern England and the Midlands, creating new and faster east-west rail links, redeveloping stations and electrifying regional rail lines.
It also suggests £6bn could upgrade mass transport in Birmingham, Leeds, Manchester and Liverpool, including investments in large light rail schemes and bus networks
David Theiss, a researcher at the NEF, said: "HS2 is the largest transport investment in the UK's history. At the moment it amounts to a £33bn gamble. Our research shows the Government is backing the wrong horse," he said. "Instead of pouring billions of pounds into a single line that will take 20 years to complete we should be spreading our bets on a wider range of transport investments that offer better value for money."
Source: The Business Desk
