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Full details of new HS2 compensation deal announced

The Government has announced a £600 million compensation scheme for homes and businesses affected by the new HS2 rail line that will pass through Buckinghamshire and Oxfordshire.

The Government insists it is one of the most generous packages of its kind. It has been revealed that 532 properties and businesses will be demolished. Residents have already reacted saying the plan is "an insult."

Those living within 60 metres of the line will get the full value of the property and 10 per cent on top - up to £47,000 maximum.

Those between 60-120 metres will be able to get the market rate of their properties or a cash payment of between £30,000 and £100,000 if they decide to stay put.

And for people living 120 and 300 metres from the route there will be compensation payments of between £7,500 and £22,500.

Our Transport Correspondent Mike Pearse has been gauging the public reaction to today's announcement.

Revised compensation for those living along HS2 route

The government have published a new and improved range of compensation schemes for those that could be affected by the proposed HS2 rail route.

Having listened to feedback and suggestions, measures for property owners and occupiers along the route have been examined and revised.

The Transport Secretary Patrick McLoughlin said:

I completely understand the concerns and anxieties of those living near the line and it is only right that those people are properly looked after.

I believe this package of compensation and assistance will enable us to help people more. But I want to get it absolutely right, so I am asking for further views on some aspects before we finalise the plans.

HS2 will transform many people’s lives for the better, but where its impacts are less positive we will do all we can to provide the right help and assistance.

– Patrick McLoughlin, Transport Secretary

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High speed rail: Do the benefits outweigh the risks?

Images for HS2 Credit: ITV News

It is "essential for the UK" for the HS2 high-speed rail project to go ahead, according to a report out by MPs. The risks of not going ahead with the project "significantly outweigh the risks of doing so," according to members of the House of Commons Transport Committee.

The route, if approved, would cut through Oxfordshire and Buckinghamshire.

The committee also said serious thought should be given to building the second-phase northern section of the line at the same time as the first phase London-to-Birminghamstretch.

The committee said it remained "convinced that the project is justified" although the MPs added they would not accept a situation in which other vital transport projects were delayed due to HS2 funding requirements.

The cost of the project in its entirety is estimated at £42.6 billion with £7.5 billion needed for the high-speed trains. Of this £42.6 billion, a total of £14.56 billion is contingency.

The report says: "The Department for Transport's communications about HS2 should emphasise that the estimated cost is £28 billion, not £50 billion ......"

" ... and that cost increases to date have largely been due to the decision to undertake more tunnelling and other work to mitigate the impact of the project on people living near the route."

HS2 consultation responses

Credit: HS2 promotional video

The company in charge of the High Speed Two rail link has received a high number of responses to it's property and compensation consultations. Many people living along the proposed route are concerned their houses will lose value if the line goes ahead.

The responses will now be analysed before a final package of compensation measures is announced by the Government.