A report by Ernst & Young says that the HS2 high-speed rail network could provide a £40 billion boost to the UK economy.

The accountancy and business advisory group says that the new ‘rail corridor’ established by the route will result in thousands of new homes and businesses, while the “thousands of jobs created in the construction and maintenance industries will also fuel the economic boom”.

According to The Daily Telegraph, Universities and Science Minister Greg Clark has been “behind the scenes, striking deals with regional centres to get them ready for HS2”.

The newspaper highlighted a deal between the Government and the Greater Birmingham & Solihull Local Enterprise Partnership that will see 19,000 jobs created by a £357 million Government investment, along with £110 million from the private sector.

The Minister is quoted as saying: “This is about getting growth going well before HS2 opens, and about spreading investment out from London. The first phase of the railway — running between London and Birmingham — is expected to open in 2026.

“The headquarters for this section of the line will be in Birmingham, which has seen substantial investment in its manufacturing industry from Chinese companies over the last two years — with HS2 increasing its appeal.”

The HS2 Bill is expected to be passed with cross-party support in early 2015.