A spokesperson for HS2 Ltd said: “We welcome the Secretary of State’s priorities for HS2 Ltd and are committed to working with the new Government to improve delivery.”
Adding: “HS2 Ltd recognises that there are many lessons to be learned from delivery to date and, under new leadership, are actively implementing the changes within our control to stablise costs.”
The new ministerial oversight of the project intends to ensure “greater accountability”.
It will involve regular meetings featuring the transport secretary and Rail Minister Lord Hendy, alongside the Chief Secretary to the Treasury.
The government says these meetings will aim to “challenge delivery and remove obstacles” with the intention of finding cost-effective solutions.
An independent review of the project by a former chief executive of Crossrail, James Stewart, has also been commissioned.
HS2 Ltd said that it looks forward to the “recommendations” of Mr Stewart.
In January, the boss of HS2 Ltd estimated that the total cost of HS2 could rise, saying a hike in the cost of materials such as concrete and steel have added £8bn to £10bn to the project’s budget.
HS2 Ltd executive chairman Sir Jon Thompson had previously warned that Phase 1 could cost as much as £66.6bn, against a budget of £44.6bn, using 2019 prices.
The government says that the cost had “soared” because of factors including “poor project management, inflation and poor performance from the supply chain”.
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