HIGH Speed 2 will barely break even, gaining just 20p for every pound spent, official Government figures forecast.

The latest statistics for the £32billion rail scheme cut the estimated value for money it will give back for the fourth time.

The analysis by the people heading up the project proves campaigners are right to object on financial grounds, leading opponent Cllr Martin Tett said.

The Department for Transport/HS2 report updating the 'Benefits Cost Ratio' has declined from the original forecast in January 2010 of a return of 2.4 for every pound invested to only 1.2 now for phase 1 between London to the West Midlands.

Former Transport Secretary Phillip Hammond said, while he was still in the role, that if the BCR fell below under 1.5 it would have to come in for close scrutiny.

Critics say the basis for these figures is already flawed because it assumes all time spent by business people on a train is wasted.

They argue that in fact, the true figure means HS2 will lose 10 pence for every pound spent.

Cllr Tett, Leader of Buckinghamshire County Council Leader and chairman of campaigner group 51m accused the Dft yet again of trying to bury bad news. “Normally the DfT wouldn't look at any business case with a return of less than 2,” he said.

“But here we have a project that barely breaks even and in reality will almost certainly lose an enormous amount of money.

“Clearly they know that we would have 'flushed out' this information so they have decided to publish it quietly, deep in numerous reports.

"Fundamentally, this latest analysis proves that we have been right all along.

“Our prime objection has always been that you need a really good business case to compensate for doing so much damage to the environment.

“This confirms that HS2 has a catastrophically poor return for taxpayers.”

The DfT repeated its claim, in a statement, that HS2 will provide jobs and prosperity for the whole country.

It said: “Network Rail predicts that the West Coast Main Line will be full by the mid 2020s, and has concluded that building a new line is the best option - with HS2 delivering four pounds of benefit for every additional pound spent compared to a new conventional-speed line.

"We have always been clear that the BCR can only form one part of the decision making process for a project of this scale, as its benefits reach well beyond narrow transport economics."