Camden responds to confirmation that HS2 will come to Euston
Following a long period of uncertainty, the Chancellor has today confirmed that phase one of High Speed 2 (HS2) will be built between Old Oak Common and London Euston.
Camden Council has responded to this announcement.
We welcome the Government’s commitment to bring HS2 to Euston. After years of uncertainty, this is an opportunity to start a new chapter for Euston and it means that we can begin to take the necessary steps towards transforming Euston into a thriving place.
Our residents and businesses have faced years of upheaval and lost homes and livelihoods to HS2. We owe it to them to deliver genuine change and a lasting legacy in Euston – and we know what the future can be; thousands of new jobs, the restoration of lost green spaces, and the building of much needed affordable homes and community facilities – all delivered alongside a new station.
Investment in Euston will reach far beyond our borough. It is an opportunity to put innovation at the heart of Britain’s new economy and accelerate the growth of London’s Knowledge Quarter – a home to world leading tech and science businesses and one of our country’s biggest economic hubs. Regeneration in Euston will support even faster growth in this sector and better connect economic hubs in London, Birmingham and beyond, helping deliver new growth and jobs across the country.
We are ready to lead a development that delivers this for our community and the country. We don't simply want a seat at the table, we want the power to lead and be a central player in a partnership that can make this vision a reality.
Research commissioned by Camden Council found that the regeneration of Euston can:
- Build up to 2,500 new homes, including 1,200 that are affordable
- Boost London’s Knowledge Quarter - an economic hub that is contributing over £35bn to the UK economy
- Add £540m to the UK economy by 2030, rising to £2.5bn each year and a total of £41bn by 2053 while creating 34,000 new jobs
- Increase land value by £1.4bn and raise money for the public purse through £800m in business rates and £45m in council tax receipts by 2053
- Transform 5 hectares of land blighted by persistent construction delays with high quality and affordable homes, new community services, and well-designed public spaces
Further information and the report, ‘Euston at the Heart of Britain’s New Economy,’ are available here.