Commentary on Sections Section 2: Financial Reports
13.Section 2 imposes a duty on the Secretary of State to prepare an annual report on expenditure under the new power conferred by section 1. Each report must contain details of the expenditure incurred during the relevant financial year (with capital and resource shown separately for each head of expenditure) and the total expenditure incurred. Details must also be provided of any overspend or underspend as against the annual budget and the likely effect on the total budget of £50.1 billion set for HS2 in 2011. Each report must also contain an account of the vocational qualifications gained by individuals employed in connection with preparation for, and construction of, the high speed rail network.
14.The Secretary of State must lay each report before Parliament. The purpose of this section is to ensure that Parliament is informed of all anticipatory expenditure and related matters in advance of the Government’s securing powers, under the proposed hybrid bill, to construct and operate the high speed line.