The Institute for Economic Affairs (IEA) has recommended the dropping of the HS2 high speed rail project.

The recommendation comes as fears rise that the project could nearly double in cost to as much as £80 billion before completion.

The IEA questioned the economic sense in the construction of HS2 with the spiraling cost of the project, with a rise of 30 per cent in June to £42.6 billion.

IEA director Dr Richard Welling, said: "The evidence is now overwhelming that this will be unbelievably costly to the taxpayer while delivering incredibly poor value for money.”

The government line has promoted the rail-line framework as being key in stimulating the UK economy.