There are "growing risks" associated with the controversial HS2 project, according to Chesham and Amersham’s MP – after the government rejected fresh demands to scrap the multibillion pound project this week.

In the House of Lords during question time this week, peers called for the high speed rail scheme – which is set to run through the Chilterns – to be cancelled so the money can be ploughed into rest of the rail network.

However, transport minister Baroness Sugg insisted the Government remained committed to seeing the new railway built.

Now, Chesham and Amersham MP, Dame Cheryl Gillan, said the project is “starting to look like very poor value for money” as the associated risks continue to grow.

She said: “There are now many growing voices against HS2 and as I understand it the Government is currently reviewing the potentially higher and rising costs of continuing with this project.

“Until then, government ministers will have to hold the line but the risks are growing and this project is increasingly looking like very poor value for money for the taxpayer.

“I continue to press for cancellation of this project so the money could be better spent elsewhere.”

During question time, Tory Lord Framlingham said there was "growing hope and expectation" that the Government would eventually scrap this "£100 billion vanity project and spend the money on the railways" across the rest of the country.

He warned that in the meantime "money is haemorrhaging away and people's lives along the route are being ruined", and urged ministers to make a decision as quickly as possible.

Lady Sugg told him: "I'm sorry to dash your hopes but we do remain committed to HS2 phase one, phase 2a and phase 2b.

"This is going to improve connectivity across our country. Our railways are full with the doubling of passenger numbers and it's essential we build a new line to allow space on other rail lines."

For the Liberal Democrats, Baroness Randerson welcomed the commitment but questioned the Government's ability manage big projects and urged a re-examination of costs to ensure value for money.

Lady Sugg said the £55.7 billion project was subject to a full business case, which would provide an updated benefit-cost ratio for phase one later this year.

Labour's Lord Watts asked when ministers were going to "kill this white elephant off and switch this funding to rail schemes around the country that have been starved of investment".

Lady Sugg repeated the Government's commitment to HS2 and insisted record amounts were being spent on the rest of the railway as well.

For the Opposition, Lord Rosser asked the minister to confirm that HS2 would continue north of Birmingham to Manchester and Leeds.

Lady Sugg said the Government was "absolutely committed" to continuing HS2 north of Birmingham, bringing "connectivity to our great cities of the north".