Today I am drawing a line in the sand, calling time on years of mismanagement, flawed reporting and ineffective oversight. We inherited a project that had lost public trust due to poor management and broken promises. Despite Labour's bold plans for high-speed rail, Conservative Governments delayed timelines, cancelled routes, and overspent budgets. Phase 1 could end up becoming one of the most expensive railway lines in the world with projected costs soaring by £37 billion under previous governments, and £2 billion was sunk into phase 2 work before cancellation. Since July, we have appointed new leadership to turn this project around, reduced financial delegations to HS2 Ltd., commissioned a review led by James Stewart to improve governance and oversight, and welcomed all recommendations from the review. The Government are committed to implementing real change in infrastructure delivery with a new era of leadership for HS2, including significant experience as a former Transport for London commissioner Mike Brown as chair. We will continue delivering on this review through six-monthly reports to Parliament.