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Railways: Investment

My Lords, is the Minister aware that the government Statement that he has made is important and will be widely welcomed throughout the country, not just in London but in many other parts as well? Is it not sensible, even in these times of austerity, that plans for capital investment should go ahead and be sustained? In the past, it has been the case that capital projects have been cut back. That is one of the most significant parts of the Statement. I underline the importance of the high-speed service to Birmingham; it is important not just to Birmingham but to commerce, industry and business in the whole of the West Midlands. I hope that he will take it that there is a great deal of support for that new service.