The Government set out schedule and cost updates for HS2 Phase 1 in its 6-monthly report on HS2 to Parliament in June. The first high-speed services are expected to run between Old Oak Common in west London and Birmingham Curzon Street between 2029 and 2033. The Target Cost for Phase 1 remains £40.3bn and the Funding Envelope remains £44.6bn (both in 2019 values). HS2 Ltd is currently reviewing its Estimate at Completion. HS2 Ltd plans to spend £7.6bn (current prices) in 2023/24 on Phase 1. The project’s Delivery Confidence Assessment in Q4 2022/23 was Red. This is reviewed quarterly in line with requirements for the Government’s Major Projects Portfolio.