A thinktank has spoken out against HS2, stating that the total costs are going to be close to £80 billion.

The Institute of Economic Affairs (IEA) has published a paper, entitled The High-Speed Gravy Train, criticising the expense of HS2.

IEA claims lobbying will cost an additional £30 billion, with regeneration schemes and additional infrastructure being targeted examples of expenses. With an extra £7.5 million for the trains, this brings original estimates of £43 billion close to £80 billion. As such, IEA concludes that the HS2 programme will prove financially unwise.

Dr Richard Wellings, the report's author, said: "The evidence is now overwhelming that this will be unbelievably costly to the taxpayer while delivering incredibly poor value for money".

IEA has labelled HS2 a low priority, suggesting the government should focus the transport budget on options with a higher benefit-to-cost ratio. The thinktank believes the scheme will make a loss commercially when it is finished.

It was also suggested the push for HS2 is related to the decision not to pursue expansion at Heathrow Airport.