Skip to content
Search

Latest Stories

Critics question ‘level-up’ commitment as UK scales back high-speed rail plan

Critics question ‘level-up’ commitment as UK scales back high-speed rail plan

BRITAIN ditched plans to link London and the northern city of Leeds as part of a new high-speed rail network, drawing accusations that prime minister Boris Johnson was going back on a promise to fix regional prosperity gaps.

The £96-billion project, known as High-Speed 2 or HS2, has been touted since 2009 as a key way to link the prosperous southeast with cities in the Midlands and the north of England.


However, despite Johnson committing in February last year to complete the Y-shaped railway, transport minister Grant Shapps announced a new plan on Thursday (18) which cut one arm of the line short, and instead upgraded parts of the existing network.

He said the new configuration would be delivered sooner and be more effective at cutting journey times elsewhere.

Speaking in parliament, he said it was "the largest single rail investment ever made by a UK government - an investment that, rather than being felt decades into the future, will arrive much much sooner".

However, the opposition Labour Party said the change was proof that Johnson's government was reneging on a promise to "level up" regional disparities. That promise was the basis of Johnson's 2019 election campaign, in which he won over many traditionally Labour-voting areas of northern England.

"Leeds and the north have been betrayed," said Labour lawmaker Hilary Benn, who represents a constituency in Leeds.

High-speed lines would be built from London to Manchester, 35 miles to the west of Leeds, but the leg originally planned to link with Leeds would stop short at Nottingham. Lines between Leeds and Manchester would now also be upgraded, Shapps said.

(Reuters)

More For You

Shein-Reuters

Shein had aimed to go public in London in the first half of this year, subject to regulatory approvals in the UK and China. (Photo: Reuters)

Shein cuts valuation to £40 billion for London listing

SHEIN is preparing to lower its valuation to around £40 billion for a potential initial public offering (IPO) in London, according to three Reuters sources familiar with the matter.

This is nearly 25 per cent lower than the company's 2023 fundraising valuation as it faces increasing challenges.

Keep ReadingShow less
Northern-Superchargers-Getty

Ben Stokes and Matthew Short of Northern Superchargers walk out to bat during The Hundred match between Manchester Originals and Northern Superchargers on August 11, 2024 in Manchester, England. (Photo: Getty Images)

Sunrisers Hyderabad to acquire Northern Superchargers in £100 million deal

INDIAN Premier League franchise Sunrisers Hyderabad is set to become the first full owners of an English Hundred team after agreeing to buy Yorkshire’s Northern Superchargers for a reported £100 million.

The Sun Group will be the third IPL-linked investor in the eight-team Hundred competition, following Reliance Industries, which owns Mumbai Indians, and RPSG, which runs Lucknow Super Giants.

Keep ReadingShow less
BT-Getty

A view of the British Telecom (BT) headquarters in central London. (Photo: Getty Images)

BT to remove diversity targets from manager bonuses

BT will remove diversity, equity, and inclusion (DEI) targets from its manager bonus scheme, replacing them with a measure of overall employee engagement.

The change, set to take effect in April, follows consultation with major investors and has received “strong support,” according to the company, The Telegraph reported.

Keep ReadingShow less
India's central bank cuts interest rates for first time since 2020

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.. (Photo credit: Reuters)

India's central bank cuts interest rates for first time since 2020

THE RESERVE BANK OF INDIA (RBI) reduced interest rates on Friday for the first time in nearly five years, citing concerns over economic growth despite inflation risks.

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.

Keep ReadingShow less
Sri Lanka seeks to negotiate with Adani over renewable energy plants

Gautam Adani

Sri Lanka seeks to negotiate with Adani over renewable energy plants

SRI LANKA’S government started talks with India’s Adani Group to lower the cost of power from two wind power projects the group will build in the island nation’s northern province, the cabinet spokesman said last Tuesday (28).

Sri Lanka has been reviewing the group’s local projects after US authorities in November accused billionaire founder Gautam Adani and other executives of being part of a scheme to pay bribes to secure Indian power supply contracts. Adani has denied the allegations.

Keep ReadingShow less