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The Chancellor George Osborne has visited a train wheel maker in Trafford Park following the announcement on HS2 rail link.
He visited Lucchini UK, a Manchester-based manufacturers, which makes train wheels and other specialist items for the railway industry.
The chief executive of Manchester Airport owner MAG, Charlie Cornish, has welcomed the news that the HS2 route will stop off at the airport.
"Along with the city centre station, it will provide an additional boost to the economy of the region.”
They say the new rail network will reduce journey times between Nottingham, Toton, Derby and London considerably.
The government's preferred route for the HS2 rail extension passes close to a number of natural beauty spots north of Birmingham including Shugborough Hall and the village of Great Haywood.
Chancellor George Osborne said HS2 will be an "engine for growth" in the North and Midlands, and will create tens of thousands of jobs.
He acknowledged that communities along its route would face a "very difficult" disruption to their lives, but said the economic benefits were "pretty compelling". He told BBC Breakfast:
The government has projected the following journey times when the HS2 high speed rail network is completed:
- Manchester to Birmingham - 41m (roughly half of current journey time)
- Manchester to London - 1h 8m (roughly half of current journey time)
- Leeds to Birmingham - 57m (down from 1h 58m)
- Leeds to London - 1hr 22m (down from 2h 12m)
The decision to extend the HS2 rail network to Leeds has been welcomed by the City Council, but councillors have called for additional investment in existing facilities.
Council leader Keith Wakefield said the extension offers a "unique opportunity to create a striking new gateway into the city centre" but added that the HS2 hub must link "directly into Leeds station"
He also said there must be "a significant government package of investment in its infrastructure, road and rail links to the rest of the city region area".
Leading British rail analyst Christian Wolmar has warned there may be difficulties ahead in establishing the HS2 network.
Tweeting his response to this morning's announcement, he said:
Mr Wolmar added that the estimated £33 billion cost of the network can "only be a guess" until more details emerge of the proposed work on the new routes.
He also bemoaned the way this morning's announcement was made, tweeting:
The head of the Confederation of British Industry (CBI) has welcomed the announcement of the second phase of the HS2 rail network linking Leeds, Manchester and Birmingham:
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At a cost of £33 billion, this train line is neither cheap nor very popular with those living along its route.