Euston HS2: Cash in Jeremy Hunt's Spring Budget for Camden projects plagued by 'delay and indecision'

The government's plan for a privately financed HS2 Euston station was reaffirmed in Jeremy Hunt's spring Budget on Wednesday (March 6).

Many have expressed fears that the Euston extension of the troubled high-speed rail line will be further delayed or cancelled.

Camden Council this week said it should play a leading role in the project to regenerate the area, creating affordable homes and new jobs. It published a report, titled Euston Economic Impact Assessment, which proposed a locally led development corporation should run the project. In his 2024 spring Budget, Mr Hunt said: "The government is committed to delivering a privately financed HS2 Euston station. The government is working with Lendlease, the Euston Master Development Partner, and the London Borough of Camden to identify parts of the station site for early release and development in coming months, and progressing plans to realise the vision for an internationally-leading life sciences hub at the heart of the Euston Quarter.

"The government is establishing a ministerial taskforce to oversee the next stages of delivery, set strategic direction and facilitate decision making, as well as a Euston Housing Delivery Group to explore options to deliver ambitious housing opportunities and regeneration in the Euston area."

The government announced last month it is establishing the Euston Housing Delivery Group, with £4 million to support plans to deliver up to 10,000 new homes.

Referencing the Network North transport plan and its "vision for the Euston Quarter", Mr Hunt said in his Budget: "The government is working to identify parts of the station site for early release and development in the coming months. The government is also establishing a ministerial taskforce to oversee the next stages of delivery of a privately financed HS2 Euston station."

On Tuesday, Camden Council published a report suggesting a redevelopment of Euston station can contribute £41bn to the UK economy by 2053, create 34,000 new jobs, and provide the opportunity to build 2,500 new homes.

The council called for a "locally led regeneration" that could generate private and public investment needed for construction.

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Camden Council leader Georgia Gould said the regeneration "can also be a catalyst for the rapid expansion of London’s Knowledge Quarter into a tech and science powerhouse".

She said: "Euston is at a critical juncture. After years of delay and indecision, much of Euston remains a building site. Homes have been ripped down, businesses lost, and open spaces destroyed. Our communities living next to and around the station continue to face disruption and uncertainty. 

"However, we are determined to see promises to these residents kept and we are setting out an ambitious and viable new direction that is possible for Euston. Our vision is for a regeneration of the station and surrounding area that creates thousands of new jobs, builds much-needed affordable housing, and generates the private investment that is now needed to get HS2 back on track to Euston. 

"The regeneration of Euston can also be a catalyst for the rapid expansion of London’s Knowledge Quarter into a tech and science powerhouse that generates investment and opportunity for the entire country. Not only is Euston essential to the success of HS2, but it is a once in a generation opportunity to put innovation firmly at the forefront of Britain’s new economy, with better connected tech and science hubs in London, Birmingham and beyond delivering new growth and jobs across the country. 

"If the government decides a development corporation is needed for Euston, then Camden stands ready to lead a regeneration that delivers for our community and the country. This means the council leading alongside our key partners in London and our local community in Euston, having not just seats at the table but the power to lead and make our vision for Euston - and the life-changing far-reaching opportunities that it will provide - a reality."