Chancellor Jeremy Hunt has said he did not see “any conceivable circumstances” in which HS2 would not run to its planned central London terminus at Euston, amid reports that section of the route could be axed because of rising costs.

Rishi Sunak also insisted that the Government is “committed to delivering all the plans that it’s announced with rail”.

Soaring inflation means the redeveloped Euston station may not open until 2038 and could be axed completely, with trains instead stopping at a new hub at Old Oak Common in west London’s suburbs, according to The Sun.

The newspaper also reported that a two to five-year delay to the entire project is being considered.

LONDON, ENGLAND - JANUARY 27: Construction work continues on the HS2 rail line on January 27, 2023 in London, England. The Sun newspaper has reported that bosses of the high-speed rail project, HS2, may postpone or scrap a plan to terminate at Euston in central London, instead having trains run from a new hub at Old Oak Common, in west London. Travellers would then take the Elizabeth Line to complete the journey. Speaking this morning, Chancellor Jeremy Hunt pledged that the new high-speed rail line will connect to London Euston as originally planned. HS2 Ltd representatives have not commented. (Photo by Carl Court/Getty Images)

Mr Hunt, asked by BBC News after a central London speech whether ministers were committed to HS2 going “all the way to Euston”, replied: “Yes we are.

“And I don’t see any conceivable circumstances in which that would not end up at Euston.

“And indeed I prioritised HS2 in the autumn statement.”

Mr Hunt said the UK does not have “a good record” of delivering complex, expensive infrastructure quickly, but he is “incredibly proud” that HS2 is being built under a Conservative Government.

He added: “We’re going to make it happen.”

Speaking to broadcasters during a visit to the North East, Mr Sunak said his government was “committed to investing in rail across the country”.

The Government was “committed to delivering all the plans that it’s announced with rail,” he added.

“But as well as these very large rail schemes, which are of course important, what I’m also keen to do is make sure that the Government invests in local transportation around the areas where people live, whether that’s better local roads, or we’re filling in potholes, putting in more bus lanes, road junctions, bypasses.”

Hunt forced to deny that HS2 will be scaled back