The British government has admitted HS2 will cost up to £102.7bn, a £20bn increase from previous estimates. Transport Secretary Heidi Alexander told MPs the high-speed rail line from London to Birmingham faces massive delays, with completion now pushed to the 2040s. Alexander blamed her Conservative predecessors for failing to negotiate value-for-money deals and allowing costs to spiral out of control.

The project, meant to connect London to Leeds and Manchester in a Y-shaped route, has been slashed to barely half its original length to save money. First trains between Birmingham and Old Oak Common won't run until 2036-2039, with connections to Euston and the West Coast Main Line potentially delayed until 2043. HS2 remains the world's most expensive railway per mile of track.

Started over a decade ago, HS2 has been dogged by mismanagement allegations and whistleblower claims that parliament was misled about its budget. The cost escalation represents a major embarrassment for the current government, which inherited what Alexander called a "symbol of this country's decline." The project now stands as one of the UK's most expensive infrastructure failures.