Abolishing plans to develop the HS2 network would significantly harm investment opportunities in the UK.

This is according to a leading panel of railway experts, who claim cancelling the £42.6 billion scheme would leave the country with a less-reliable train service and more congested roads. Additionally, plans to regenerate the Midlands and the north would be stifled.

In its report, the High Speed Railway Industry Leaders Group stated scrapping the project would leave the UK as an unpopular country to do business in. Furthermore, the 22,000 skilled jobs the scheme is set to create would inevitably be lost if the plans are shelved.

The publication commented: "It [HS2] is about bringing eight of our ten largest cities and their people closer together, making Britain a more appealing place to live and do business as we continue to compete in a global race for jobs and growth."

However opponents to the new network have dismissed the report. The HS2 Action Alliance claimed there is no need for railway expansion in some areas of the country, stating the West Coast mainline was only running at 50 per cent capacity. It also believed the money would be better spent upgrading services to Paddington and Waterloo.