Today’s episode looks at HS2 — the UK’s massive high-speed rail project that promised to connect London with major cities across the country.
HS2 was meant to boost economic growth, cut travel times, and modernize the transit network. Instead, it became a lightning rod for political debate: skyrocketing costs, environmental concerns, shifting government commitments, and fierce disagreement about whether the benefits justify the price.
For those who haven’t been following: In 2009, HS2 was sold as a £40 billion high-speed railway connecting the Northern cities of Leeds, York, and Manchester with Birmingham and London.
But almost 17 years later, the route will only be a fraction of the original, linking the suburbs of Birmingham with London.
According to the government, HS2 has already spent £40.5 billion in nominal prices, but once adjusted for inflation, financing costs, and subsidies, experts project HS2’s total cost will be significantly north of £100 billion.
The move from fixed-price contracts to cost-plus contracts has caused a 90% cost increase since 2020, allowing developers and contractors to profit enormously at taxpayers’ expense with an extraordinary human toll: 20,000 people were forcibly displaced from their homes and businesses, facing inadequate compensation and intimidation.
One of them is Michael Gross, a self-made real estate billionaire and founder of Sydney and London Properties. He owned the Euston Station estate when it was compulsorily purchased by HS2, making him the largest CPO claimant in British history.
Michael says he experienced firsthand how major institutions involved in the project tried to bury mistakes, silence criticism, and push ahead at any cost. Our talk begins by explaining what Michael lived through, what he tried to expose, and what his experience reveals about how billion-pound national projects can go wrong — and how ordinary people can get hurt along the way.
We then speak about what this means for the decline of the UK more generally. At the time of recording:
Half of Britons support scrapping HS2 to plug budget shortfall - The Times
UK unemployment rate rises to 5.1% - BBC News
Its economy shrank unexpectedly, and GDP fell by 0.1% - The Guardian
A net 110,000 British people aged 16 to 34 emigrated - The Telegraph
45% of Britons believe the UK is ‘an unsafe place for Jewish people’ - The Jewish Chronicle
Whether you’ve never heard of HS2 or think you already know the story, Michael’s perspective will make you rethink everything. And hearing what impact all of this is having on the future of the country will make you concerned for how we can ultimately turn things around.
You can also read more about my thoughts on the UK and its future for young people:
The UK begs me to ask: Where do I raise my children?
As many know, I was born and raised largely in the UK until my move to Israel in 2017, aged 26. I am, for all intents and purposes, a true Brit. Ask any American what they think as I bumble my words with my English accent or any Israeli as I struggle through Hebrew.
