The government's announcement that HS2 is to go ahead will be followed by legislation and doubtless numerous actions for judicial review.
I am not a supporter of HS2 but I acknowledge that two elements in the proposed project are sensible. The decision to build a station at Old Oak Common will enable interchange with Crossrail. The plan to construct a link between Old Oak Common and St Pancras will furnish a link between HS1 and HS2. These two measures will take some pressure off Euston which is not linked in well with the Underground network.
See:
http://www.telegraph.co.uk/news/uknews/road-and-rail-transport/9004721/High-speed-rail-just-1.2-miles-of-railway-in-Chilterns-will-be-above-ground.html
http://www.railwaygazette.com/nc/news/single-view/view/government-to-go-ahead-with-high-speed-2-plans.html
http://www.bbc.co.uk/news/uk-16478954
http://www.bbc.co.uk/news/uk-16485263
Detailed maps: http://assets.dft.gov.uk/hs2-maps-20120110.htm
A German view:
http://www.spiegel.de/international/europe/0,1518,808747,00.html
The worry is that this project will suck in finance for desperately needed improvements elsewhere. As an example, see:
http://www.guardian.co.uk/money/2011/dec/30/worst-train-reading-london-paddington
And, finally, something more light-hearted:
http://www.thisislondon.co.uk/lifestyle/article-24026833-euston-calling-with-hs2.do
UPDATE:
http://www.telegraph.co.uk/news/uknews/road-and-rail-transport/9015127/High-speed-rail-Boris-Johnson-says-that-HS2-is-not-right-and-doesnt-work-properly.html
http://www.telegraph.co.uk/comment/columnists/christopherbooker/9015342/The-continent-is-the-final-destination-for-HS2.html
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