HS2 deserves our support
By Rob Groves, Regional Director, Argent
As the Oakervee Review looks into the deliverability and affordability of HS2, we want to be clear about our support for this vital national project.
It’s crucial to understand the impact the project will have on the economy of our region, as well as helping to drive growth across the whole of the UK.
HS2 delivers two key economic goals. Firstly, it releases capacity on the existing West Coast Mainline that connects the country’s four largest cities and allows it to meet growing local and regional demand for both passenger and freight services.
Without this upgrade, the existing Victorian railway infrastructure that underpins Europe’s busiest mixed-use railway line will become increasingly congested, overcrowded and ultimately, obsolete. The West Coast Mainline will also fail to meet current and future demand without further costly and time consuming multi-billion pound investment.
Secondly, HS2 creates a modern, fit for purpose rail link between the seven largest metropolitan areas of the UK. This will help drive huge gains in productivity and regeneration, increase the nation’s skills base and help our regional cities underline their international status as major economic capitals in their own right.
Birmingham and the West Midlands is already reaping the benefits of a steady increase in major inward investment that has taken place over the past 5 years. If you look across the city right now you can spot countless projects creating jobs and driving economic growth. One example is Paradise, another is the relocation of HSBC’s UK headquarters from Canary Wharf to Broad Street.
Birmingham currently has the potential to reinvent itself and see through a once in a century step change in its economic fortunes.
Taking just one sector as an example, the city has the opportunity to significantly grow its business, professional and financial services (BPFS) economy to the benefit of everyone who lives here. This would help rebalance the sector’s emphasis on London and the South-East and create huge economic dividends for the city and wider region.
The BPFS economy in the UK is an acknowledged global leader and has huge potential for growth in our major regional cities. But we can only achieve and sustain this economic growth on the basis of two key factors.
One is the quality of our urban environment which has been a high priority for decades. Birmingham is also a world leader in sport, culture, the arts and quality of life. With cheaper costs of living and housing than the capital, we have an advantage that is not being fully realised due to a lack of modern infrastructure.
This argument can be applied to investment in all of the major economic sectors, including advanced manufacturing, tourism and life sciences.
Secondly, many economic drivers rely on connectivity. This is where HS2 comes in.
In a single project, HS2 transforms connectivity across the whole of the UK. Over 100 towns and cities will benefit from vastly improved rail services as a result of HS2.
Importantly, it allows great cities like Birmingham – birthplace of the industrial revolution that transformed the world as we know it – to fully realise its potential.
When we compete against our international rivals for inward investment, whether they are in Europe, North America, or the Far East, we need to have something unique to offer.
Our very Britishness, with our reputation as a powerhouse for culture, innovation and business, is always a major – and unique – selling point.
And that offer becomes even more compelling and appealing with HS2 in the mix.
Without it, we lose some of our appeal and significantly hamper our future growth potential.