Today, a new report shows how disastrous HS2 could be for the places affected by the proposals, with losses of over £600 million and 9000 jobs to Camden Town.
This would be due to the HS2-HS1 link. The necessary changes to the North London Line to join HS2 and HS1 would mean seven Camden bridges – including the famous Camden Lock bridge – will be demolished so tracks can be widened. This line is already heavily used by local stopping trains and freight, meaning at most 3 HS2 trains per hour would be able to use it.
What’s more when HS1 was built, it was considered for use by Eurostar trains to travel onto the West Coast Main Line, but engineering constraints showed this could not practicably be done.
Camden Town’s creative economy could be facing losses of over £600m, with up to 9,000 job losses if the proposed link between HS2 and the existing high speed rail line goes ahead as planned, cutting through Camden, a new report commissioned by Camden Town Unlimited has revealed.
Camden Town’s creative economy, made up of its independent shops, creative industry and clubs and bars, is estimated to be worth £1.3bn a year. The analysis, which followed HM Treasury Green Book recommendations and guidelines and was carried out for Camden Town Unlimited by BOP Consulting, reveals that the impact of HS2 on the area could result in a loss of up to £631m over the 2014-2031 period, with up to 9,100 jobs lost in the area.
The negative impact on Camden’s world-famous markets could be even starker, with losses of around £91.8m, a level of impact which threatens the very existence of the markets. Stables Market is expected to make losses of £39m, with Camden Lock and Hawley Markets losing £24m and £22m respectively. By shutting down large parts of the markets for extended periods of time, the danger is that traders will move elsewhere, and international visitors will no longer be attracted to the area, leading to the markets’ permanent closure and the loss of hundreds of small businesses.
BOP used turnover and GVA data based upon local level IDBR data purchased from ONS. 2542 businesses, generating £10.9 Billion in revenue and £4.9 Billion in GVA and directly employing 38,791 people were taken into account for the research.
BOP identified which businesses belong to the creative economy and determined expected impact from the HS2 / HS1 link by their location. The analysis shows that the creative economy is worth £1.3 Billion/year in the impacted area.
Further sensitivity analysis suggests that additional risk factors might push the overall impact up to £2 Billion.