Phase 1 of the line from London to Birmingham will now continue on its Parliamentary journey after a vote in the Commons tonight.
HS2 link requires too many compromises in terms of impacts on freight, passengers and the community in Camden, says Transport Secretary.
Despite pledging to find savings in the expensive High Speed 2 train line, the project's boss has failed to find significant financial cuts.
HS2 contingency savings cannot be guaranteed, the project's chairman has told ITV News' Deputy Political Editor Chris Ship:
Boss of #hs2 says he can't bank any savings in the £7.4bn contingency yet - cos the political/legislative delays & uncertainties too great
HS2 boss Sir David Higgins says the high-speed rail project needs support across the political divide if it is to succeed, ITV News' Deputy Political Editor Chris Ship reports.
Speaking on the BBC's Andrew Marr show yesterday, Shadow Chancellor Ed Balls said: “I hope he [Sir David] will show he has got the costs down and got a grip on this project. If he doesthat, we will support this at second reading in the next few weeks.”
However, today's report on the project offered a number of recommendations but no new cuts.
The introduction of HS2 will "transform" service on existing train lines, Network Rail says.
Paul Plummer, group strategy director at the rail authority, said: "HS2 will sit at the heart of Britain's transport network, allowing us to reshape the railway in a way that incremental improvements simply cannot.
"That's why we welcome the report's recommendations and its call for an integrated approach to planning and operating the railway," he said.
Mr Plummer added: "The step-change in capacity that HS2 enables across the network as a whole will transform the service on existing lines, creating the space we need to meet growing demand and deliver new and better connections."
The north will face a "lost decade of growth" if recommendations to extend the early phase of HS2 are not accepted by politicians, a major rail union says.
Following Sir David Higgins' call to extend phase one of the project to Crewe, TSSA leader Manuel Cortes said: "Sir David is absolutely right - we cannot, as a country, take the slow line to a high-speed rail future.
"We need to make sure that the north benefits as quickly as the Midlands and the South from this huge investment.
The alternative, he said, is a "lost decade of growth while the South East powers ahead of the rest of the country with the lion's share of the budget".
"The £50 billion investment must benefit the whole country if it is to help re-balance the economy," Mr Cortes added.
Demand on Britain's rail service is "growing at 5%" every year, the chief executive of HS2 told Daybreak.
Sir David Higgins said a completed HS2 line would cure a multitude of economic woes, including creating jobs, lure more businesses to the north and help create more space for passengers.
"No new railway lines north of London in 100 years - why should we put up with that? It's not fair on jobs that are created in the region."
HS2 is about "rebalancing the economic geography of the country" and creating transport links to mend the north-south divide, the shadow transport secretary told Daybreak.
Mary Creagh was optimistic about the future of HS2 and said the rail link should be "integrated" with the rest of the network so passengers would be able to travel east-to-west, as well as north-to-south.
The mother of a severely disabled son has told Daybreak how HS2 will force her "to restart our life again" if they are forced to move out of the home which was specifically adapted to meet her son's needs.
Thelma and her son Alexis, who live in the town of Northwich in Cheshire, are potentially in the pathway of HS2 and may have to move - something that will put a severe amount of stress on the pair.
Campaign manager for Stop HS2 campaign has said any "pretence" that costs of the High Speed rail network are under control are a "con".
Joe Rukin said: "David Higgins has spent three months looking for cost savings for HS2 and he hasn't found a single bean. Any pretence that the costs of HS2 are under control are a fraudulent attempt to con the public."
He added that the £50 billion cost was "always too low, and represents the cost if the whole project was built in one year and that year was 2011".
"We know that these costs will continue to escalate. The only answer is to cancel the project and go back to the drawing board right now," he said.
HS2 boss Sir David Higgins has said the project was "vital for the future of the country".He added: "The cost and impact have to be recognised and acknowledged, but so too do the cost and impact of doing nothing.
"Without HS2, the people of this country will continue to face the failures of our transport system on a daily basis.
"This contingency has pushed the price of phase one, from London to Birmingham, up to £21.4 billion with £3 billion for the trains, while the cost of the second phase, taking the line in a Y-shape to north west and north east England is put at £21.2 billion with around £4.5 billion for the trains."