The future of HS2 is set to be decided after an independent review into the controversial high-speed rail project is expected to be released at the end of this week.
The government will decide whether to approve, scale down or scrap HS2 entirely.
Business bosses have told the government that it should not be scaled down, because the project "bring benefits to local communities".
However, a report by a thinktank calls HS2 the "most out-of-control project of our generation".
The Claim
Ahead of the government-commissioned review, six regional bosses from the Confederation of British Industry (CBI) have called for HS2 to be built in full.
The chairs of the CBI - representing the East Midlands, West Midlands, Yorkshire and Humber, London, the North East and North West - said that the unequivocal message is “back it, build it, benefit from it”.
The regional bosses signed a statement saying that scaling it down will not "deliver the improved connectivity across the country that businesses are crying out for".
They said: "HS2 will bring benefits to local communities far beyond its costs.
"It will create half a million jobs, stimulate house building along its route and support much-needed investment across the Midlands, North and beyond.
"It is the critical spine that will bring wider transport improvements like Northern Powerhouse Rail and the Midlands Rail Hub to life."
The Counterclaim
However, a new report from thinktank the Adam Smith Institute says that HS2 is "substantially over budget, over time and will deliver limited benefits".
They estimate that it will return just 78p for every £1 of taxpayers' money spent.
The thinktank argues that the government should rethink HS2, saying that Britain's railways can be improved " without breaking the bank or causing undue disruption ".
Adrian Quine, the report’s author, calls HS2 the "most out of control project of our generation".
He said: "There is no disputing that the UK needs new rail infrastructure but HS2 does not deliver what it claims.
"It is ideologically driven, over engineered and will not solve the problems facing rail travellers today.
"Britain does need new lines in places and does need investment in rail to support the economy and social mobility."
Quine adds: "So much can be achieved with our existing network rather than applying an HS2 sledgehammer to crack a nut."
The Facts
Transport secretary Grant Shapps said in September that the first phase of HS2 between London and Birmingham will be delayed by up to five years. The line was expected to open at the end of 2026, but it could be pushed back to between 2028 and 2031.
The second phase - from Birmingham to Manchester and Leeds - has also been delayed by three to seven years, now potentially opening between 2035 and 2040.
This all dependent, of course, if the government decides to continue its work on the high-speed rail project.
An independent review, commissioned by the government in August, is expected to be presented to the transport secretary on Friday, according to ITV.
The panel of experts from business, academia and the transport sector reportedly held their final meeting last week.
The review is chaired by Douglas Oakervee, a retired civil engineer with 60 years' experience. He briefly chaired HS2 Ltd, and worked with Boris Johnson when he was London mayor. His deputy is Labour peer Lord Berkeley, a railway expert who has been a critic of HS2's spiralling costs.
They will recommend whether HS2 should be approved, scaled down, or scrapped entirely.
The Department for Transport said that the review will consider the benefits and impacts, affordability and efficiency, deliverability and scope, and the phasing of HS2.
Shapps said last month that HS2's total cost has risen from £62billion to between £81bn and £88bn. The original budget for the high-speed rail project was £32.7bn.
However, ITV's Mark Gough says the future of HS2 could be in doubt, because the panel has seen that costs have risen above £100bn.
