A survey carried out by FRP Advisory, a Midlands-based restructuring and recovery firm, reveals that just over 60% of local business owners, advisers and financiers think that the £42.6 billion earmarked for the HS2 high-speed rail project is not a good use of public funds.

Gerald Smith, partner at FRP Advisory, said: “Birmingham’s business fraternity is far from convinced about whether this project — being sold to the public as a way of stimulating the regional business communities — represents good value for public money. The survey, which includes views from the key lenders who finance growth in the Midlands, indicates that the majority want this level of funding to be spent on other forms of infrastructure projects.”

In contrast, the Birmingham Chamber of Commerce Group said it welcomed last week’s High Court verdict that all challenges to work on the new high-speed rail scheme had been overthrown. Chief executive Jerry Blackett said this was really good news for the region, as HS2 offers a compelling case for jobs and growth.

“The existing railway will be full to bursting by the mid-2020s, and HS2 will release capacity on existing lines so that more passenger and freight services can run. . . Halving journey times from Birmingham to London, Manchester and Leeds will cut business time and costs and help maintain the UK as an attractive destination for foreign direct investment.”