sales Decline and Metro Bank Tries to Address Concerns

The extension of the HS2 rail line to London Euston faces uncertainty unless sufficient private investment is secured for the project. The high-speed line, initially planned to connect Birmingham to Euston, may now only run from Birmingham to Old Oak Common in the western suburbs of London.

The government has taken measures to control plans for Euston, citing two previously deemed “unaffordable designs” for a station perceived as “gold-plated.” In a cost-cutting move, the number of platforms for high-speed trains has been reduced from 11 to six. Additionally, a proposed pedestrian tunnel linking Euston station to Euston Square tube station has been scrapped.

The Department for Transport (DfT) emphasised the need for a station that can be operational promptly, stating that the “rescoped” project would save £6.5 billion. The decision to seek private funding for the extension underscores the government’s commitment to fiscal responsibility in large infrastructure projects.

In another sector, the electric car market witnessed a decline in private buyer sales by 14% in September compared to the same period last year, as reported by the Society of Motor Manufacturers and Traders. However, overall registrations of electric cars surged nearly 19%, driven primarily by company fleet purchases. The automotive industry, while showing a 21% growth in new car registrations in September, is still recovering from the impact of the COVID-19 pandemic and global supply chain disruptions.

In financial news, Metro Bank addresses concerns as its share price experiences a sharp decline. The high street bank is reportedly exploring options to raise hundreds of millions of pounds for future debt refinancing and a bond repayment due in a year. While the timeframes for these actions are not imminent, Metro Bank aims to reassure investors amidst City concerns about its balance sheet, as reported in a recent Sky News story.