Allowing private sector concessions could cut up to £10 billion from HS2's costs according to Lord Heseltine.

The former deputy prime minister was outlining the proposals last night (November 11th), which would see 30-year contracts sold to raise money.

He argued there is no need to spend public money on stations and these costs could be moved to the private sector. Likewise, he referenced a 30-year concession already given in 2011 for HS2, which generated £2.1 billion from Canadian Pension Fund - under the same ratio, HS2 could generate £10 billion.

Lord Heseltine said: "HS2 is about our country's competitiveness for a half century or more. It is about so many more people sharing growth that has, for too long, been concentrated on London and the south-east."

If successful, this could cut some of the growing expenses of the scheme, currently costing around £42 billion, in addition to both the price of new trains and a £14.4 billion contingency reserve. The current chair of HS2, Sir David Higgins, has already been tasked with finding a way to reduce expenses by March next year.