show ad Boris Johnson could scrap HS2 by the end of the year: Number 10 launches review to decide if £56bn high-speed rail link is a 'go or no-go' project * Government launches 'independent and rigorous' review of HS2 rail project * High-speed link is set to cost £56billion and be completed by around 2033 * But review will consider 'whether' it should proceed and if it is -- comments The Government has begun a 'rigorous' review of the proposed HS2 high-speed rail link amid concerns it cannot be built within its £56billion budget. -- from the Prime Minister and Chancellor'. The review will be led by former HS2 Ltd boss Douglas Oakervee and will consider if it is 'go or no-go', with £7billion already spent on the project. Lord Berkeley - a long-term critic of the high-speed railway scheme - will be his deputy and the Department for Transport said the review will look at factors including benefits, impact, affordability, efficiency, deliverability, scope and phasing. Boris Johnson has previously voiced concerns about HS2 and the launch of the review comes just weeks into his new role as Prime Minister. HS2 may have to run slower and less frequent trains to slash costs, its chief executive previously admitted. The graphic pictured details how much the new HS2 line is costing HS2 may have to run slower and less frequent trains to slash costs, its chief executive previously admitted. The graphic pictured details how much the new HS2 line is costing HS2 may have to run slower and less frequent trains to slash costs, its chief executive previously admitted. The graphic pictured details how much the new HS2 line is costing Pictured is the HS2rail route, showing phase one (dark blue line), two A (light blue line) and two B (orange line) as well as existing services that will use the network (yellow line) Pictured is the HS2rail route, showing phase one (dark blue line), two A (light blue line) and two B (orange line) as well as existing services that will use the network (yellow line) Pictured is the HS2rail route, showing phase one (dark blue line), two A (light blue line) and two B (orange line) as well as existing services that will use the network (yellow line) The proposed journey times for the HS2 (in red) verses the current times (blue) The proposed journey times for the HS2 (in red) verses the current times (blue) The proposed journey times for the HS2 (in red) verses the current times (blue) -- 'That's why we are undertaking this independent and rigorous review of HS2. RELATED ARTICLES -- Birmingham by the end of 2026, with a second phase between Leeds and Manchester scheduled to be finished by 2033. Transport Secretary Grant Shapps, pictured, said a report on HS2 would be completed by the autumn Transport Secretary Grant Shapps, pictured, said a report on HS2 would be completed by the autumn Transport Secretary Grant Shapps, pictured, said a report on HS2 would be completed by the autumn Despite warnings that HS2 could cost up to £100billion, the Transport Secretary has previously insisted the scheme was on time and on budget. HS2 bosses have previously said they are considering running fewer services and slower trains in order to save cash and ensure the 225mph rail link between London, Birmingham and up to the North can be -- plans for a review to see if the scheme was 'deliverable'. He also indicated that parts of the high-speed rail link could be scaled back in the wake of the Crossrail debacle, which is due to open two years later in December 2020 and as much as £2.8billion over budget. Allan Cook was appointed as HS2 chief in December following the resignation of his predecessor Sir Terry Morgan in the wake of the Crossrail delay. It was previously claimed Mr Cook had written to the Department for Transport last month to warn the final cost of HS2 could end up being between £70billion and £85billion. Mr Johnson has already faced pressure on HS2 amid the growing controversy and was asked to scrap it by MPs on the 1922 Committee shortly before taking office, which he refused to do. -- A report by the House of Lords Economic Affairs Committee in May warned it was 'far from convinced' it would be built for the original planned cost, and former HS2 chairman Sir Terry Morgan has claimed the project cannot be built to its current specification on budget. -- Meanwhile chartered engineer Colin Elliff, who worked for construction giant Atkins for 18 years, claimed tunnels being built under central London to facilitate HS2 'could collapse and cause the deaths of hundreds of people'. -- Earlier this year a formal 'notice to proceed' on major construction work for the first phase of the high-speed railway was put back until December. -- stretching from London to Birmingham. WHAT IS HS2 AND HOW MUCH WILL IT COST? HS2 (High Speed 2) is a plan to construct a a new high-speed rail linking London, West Midlands, Leeds and Manchester. -- line being operational by 2026. The HS2 project is being developed by High Speed Two (HS2) Ltd. The project has a projected cost of £56 billion ($77 billion), up from -- 31 - up almost 30 per cent from £352.9 million the year before. It takes the total amount spent by HS2 so far to more than £1.9billion since 2009. Separate accounts published by the Department for Transport also showed it had spent another £366 million on HS2. The bulk of this was on compensating individuals and businesses who own property and land near the planned line. Meanwhile in January, HS2 chief executive Mark Thurston admitted trains may have to be 'slower and less frequent' to slash costs, with bosses considering reducing speed by 30mph. -- during peak times. Fears over the viability of HS2 come after a series of issues with the Crossrail Project in London. -- Advertisement Read more: * HS2: Review to examine costs and benefits of rail project - BBC News Share or comment on this article: Government launches HS2 review to decide if it is 'go or no-go' *