show ad HS2 railway may now be delayed by SEVEN years and cost as much as £80 billion... if it doesn't get cancelled all together * HS2 could cost up to £78billion, Transport Secretary Grant Shapps revealed * In a written statement to Parliament, Mr Shapps said the project could face delay * He said HS2 chairman doesn't think current design 'can be delivered within the £55.7bn budget' and does not believe 2026 schedule for Phase One is 'realistic' -- August 1, 2019 HS2 could cost up to £22 billion more than its previous budget and may be delayed by seven years, the company building the high-speed railway said. A report by HS2 Ltd chairman Allan Cook stated that the original plans 'did not take sufficient account' of the effect of building a high-speed line through areas that are densely populated and with challenging ground conditions. -- In a written statement to Parliament, Transport Secretary Grant Shapps said the chairman of HS2 does not believe the current design can be delivered within the £55.7 billion budget, set in 2015 prices. -- Euston later. 'He expects Phase 2b, the full high-speed line to Manchester and Leeds, to open between 2035 and 2040.' -- The Government has already commissioned a review into the enterprise, saying that a decision on whether it will go ahead at all will be made by the end of the year (pictured: A sign post directing HS2 works traffic near the village of South Heath in Buckinghamshire) The Government has already commissioned a review into the enterprise, saying that a decision on whether it will go ahead at all will be made by the end of the year (pictured: A sign post directing HS2 works traffic near the village of South Heath in Buckinghamshire) The Government has already commissioned a review into the enterprise, saying that a decision on whether it will go ahead at all will be made by the end of the year (pictured: A sign post directing HS2 works traffic near the village of South Heath in Buckinghamshire) A spokesman for HS2 Ltd said: 'The report by our chairman Allan Cook is an assessment of the current status of the HS2 programme. 'It examines the comprehensive and far-reaching benefits of HS2 for the country, which are more significant than those previously taken into account. -- its current scope. 'The assessment makes clear that HS2 remains a compelling strategic answer for Britain's future transport needs, relieving overcrowding and congestion on our roads and railways, and reducing the carbon footprint -- complexity of the programme. The assessment of Phase 2b takes into account lessons learnt on Phase One.' Pictured is the HS2rail route, showing phase one (dark blue line), two A (light blue line) and two B (orange line) as well as existing services that will use the network (yellow line) Pictured is the HS2rail route, showing phase one (dark blue line), two A (light blue line) and two B (orange line) as well as existing services that will use the network (yellow line) Pictured is the HS2rail route, showing phase one (dark blue line), two A (light blue line) and two B (orange line) as well as existing services that will use the network (yellow line) Confederation of British Industry director of infrastructure Tom Thackray admitted the problems facing the high-speed railway are disappointing but insisted it 'promises to bring huge economic benefits across the country'. -- consistent - build it, back it, benefit from it. 'Of course, today's report may be a clarion call for those anti-HS2 voices, but businesses believe derailing the scheme would be a significant economic restraint on the Midlands and the North.' Transport Salaried Staffs' Association general secretary Manuel Cortes claimed there is 'no good reason' for delaying HS2. He said: 'A delay will simply set back our economy and hamper the -- 'Our northern cities and the wider economy just can't afford to wait. They are crying out for the boost HS2 will give to regional economies. Transport Salaried Staffs' Association general secretary Manuel Cortes claimed there is 'no good reason' for delaying HS2 (pictured: A HS2 sign near the village of South Heath in Buckinghamshire) Transport Salaried Staffs' Association general secretary Manuel Cortes claimed there is 'no good reason' for delaying HS2 (pictured: A HS2 sign near the village of South Heath in Buckinghamshire) Transport Salaried Staffs' Association general secretary Manuel Cortes claimed there is 'no good reason' for delaying HS2 (pictured: A HS2 sign near the village of South Heath in Buckinghamshire) 'Let's be under no illusions, high-speed rail has been up and running in other European countries for decades. Why is it we lack so much ambition? We must say no way to delay.' -- after deadlines have been missed.' Penny Gaines, who chairs campaign group Stop HS2, said work on HS2 should be stopped while the Government-commissioned review is carried out. -- 'The only reason for continuing is to make it harder to call a halt to HS2. It's like a slash and burn of the countryside for no reason other than to wreck it.' Advertisement Read more: * HS2 facing three-year delay as its budget spirals to £80 billion | News | The Times Share or comment on this article: HS2 railway will now be delayed by three more years *