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."
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.