Analysis by business correspondent Richard Baker:
THE National Audit Office's report into the way the Government has handled plans for the first stage of HS2 isn't a serious setback for the project, despite some of the political noise around it.
For one thing, the audit office doesn't do scathing criticism. It checks out government projects to see if they can be, or are being, delivered in a timely and cost-effective manner. And it reports back in careful, diplomatic language.
For another, there is still broad political support for the HS2 concept across Government and opposition.
The National Audit Office's report into the first stage of HS2 doesn't say there's no case for it. It says the case hasn't been well made and should be.
It a points to errors in some of the data and suggests some of the information used to make judgements is out of date. The result is that the case is "unclear".
None of this should really worry people who think a second stage of HS2 running past Nottingham is a good idea.
What should worry them is the assessment that the Government's timetable for the first stage of this enormous project is "challenging".
This could mean that a second stage, that is already nearly 20 years away, could be knocked back even further.
But the National Audit Office does suggest that the further north HS2 goes the clearer its economic benefits are – which is why Notts business organisations are pushing for that second phase to proceed sooner rather than later.