We expressed to the Department how unsatisfactory we found it that the cost estimates for completing the programme are still in 2019 prices. The Department agreed, telling us that it expects that any funding agreed at the spending review will be in current prices. It also explained that this will produce an increase in the estimated total programme cost in cash terms given that the adjustment will cover a period of time that has seen very high inflation, particularly in the construction sector.22 HS2 Ltd, in January 2024 evidence to the Transport Committee, estimated that bringing its estimate in 2019 prices up to 2023–24 prices would add a further £8 billion to £10 billion to the cost of Phase 1.23 With HS2 Ltd’s latest estimate for completing Phase 1 now £54 billion to £66 billion even in 2019 prices, the total programme costs might therefore be close to £80 billion in current prices.24