Labour Party conference: Ed Balls says party would review future of HS2 The future of the high-speed rail line between London and Birmingham would be reviewed by an incoming Labour government, the shadow chancellor Ed Balls announced on Monday. In a significant change of policy, he told the party conference in Brighton that there would be "no blank cheque" for the planned HS2 scheme which has risen in cost to £50bn. His intervention will raise questions over whether the controversial project, conceived by the last Labour government and enthusiastically supported by David Cameron, will get the go-ahead. If it gets the go-ahead, trains will run at up to 250mph between London and Birmingham by2026, followed by further lines to the North of England six years later. It is already strongly opposed by many Conservative MPs, including ministers, who warn that it would cost the party a series of traditionally Tory-loyal seats in the Home Counties. Mr Balls told the conference: "We support investment in better transport links for the future. And we continue to back the idea of a new North-South rail link. But under this government the High Speed 2 project has been totally mismanaged and the costs have shot up to £50bn. David Cameron and George Osborne have made clear they will go full steam ahead with this project - no matter how much the costs spiral up and up. They seem willing to put their own pride and vanity above best value for money for the taxpayer. Labour will not take this irresponsible approach. So let me be clear, in tough times - when there is less money around and a big deficit to get down - there will be no blank cheque from me as a Labour Chancellor for this project or for any project. Because the question is - not just whether a new High Speed line is a good idea or a bad idea, but whether it is the best way to spend £50bn for the future of our country.