The Infrastructure Podcast: Episode 121

Guest:  James Stewart, chair of Agilia Infrastructure Partners and author of the Stewart Review.

Lessons from HS2

Today’s podcast takes a deep dive into High Speed 2 via the recently published Stewart Review, a detailed piece of work which attempts to help government to learn lessons and take stock from this much discussed project.

And I’m pleased to say that to help me with this task today I am joined by the report’s author, James Stewart, long-standing infrastructure finance and delivery expert and chair of Agilia Infrastructure Partners who I know will guide us first hand through his report. 

A bit of background. As we know, the HS2 project was conceived as a once-in-a-generation investment in the UK’s rail infrastructure — a high-speed line that would transform north-south connectivity, unlock capacity across the network, and drive long-term economic growth. 

But more than a decade on, the vision has been dramatically curtailed, costs have escalated, and delivery timelines continue to slip. 

Following James’ report, government has now confirmed that completion will stretch beyond 2033, and that costs will be significantly higher than anticipated. All of which means hard questions must be asked — not just about what went wrong, but how we do things differently next time.

James’ Stewart Review offers a forensic assessment of HS2’s delivery challenges, with a particular focus on governance, assurance, capability, and the wider system in which such projects are planned and delivered. 

The comprehensive report highlights what really went wrong, what needs to change, and, crucially, how the UK can rebuild trust in its ability to deliver major projects.

Lots to discuss so let’s get stuck in...

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