HS2 will not go to Euston without private funds

The HS2 rail line will not be extended to London Euston unless enough private investment is secured for the project.

If cash is not put forward by private funds, the high-speed line will only run from Birmingham to Old Oak Common in the capital's western suburbs.

The government has said it is "getting a grip of plans" for Euston, adding there had been two "unaffordable designs" for a "gold-plated" station.

It has cut the number of platforms for high-speed trains from 11 to six.

As part of the now scaled-back proposals, a planned pedestrian tunnel linking Euston station with the nearby Euston Square tube station has also been scrapped.

The Department for Transport (DfT) stated it wanted a station that "can be open and running trains as soon as possible" and the "rescoped" project would save £6.5bn.

But the BBC has been told the project at Euston would be dependent on private investment, with the government stating it would take on the "lessons of success stories" on other schemes such as the redevelopment of Battersea Power Station.

Critics have have attacked the change in stance, with railway consultant William Barter calling the new plans "totally unambitious".

Extending HS2 to Euston involves digging a 4.5-mile tunnel from Old Oak Common and building a new station at Euston next to the existing West Coast Main Line terminus.

Work had already started on Euston, but it was halted in March because costs had ballooned to £4.8bn, compared with an initial budget of £2.6bn.

A document issued by the DfT said the government would look to create a "transformed 'Euston Quarter' - potentially offering up to 10,000 homes" as part of its new plans for the station.

Mr Sunak said on Wednesday that a new development company, separate from HS2 Ltd, would manage the delivery of the Euston project.

The prime minster said in his Conservative conference speech that there "must be some accountability for the mistakes made, for the mismanagement of this project".