HS2 fraud investigation initiated by taxman, Macquarie closes in on airport acquisition.

The taxman has begun a fraud investigation into HS2 over allegations of large-scale financial impropriety. Meanwhile, Australian infrastructure giant Macquarie is closing in on a multibillion-pound swoop for Birmingham, Bristol, and London City airports. Britain's biggest companies are discussing with the Treasury the White House's attempts to raise taxes on their American operations.

The UK's tax authority, HM Revenue & Customs (HMRC), has initiated a fraud investigation into the High Speed 2 (HS2) rail project over allegations of large-scale financial impropriety. The investigation, which focuses on potential tax fraud by subcontractors, comes as HS2 Ltd has referred itself to HMRC following an internal review [1].

HS2 Ltd, responsible for the high-speed rail line, has been rocked by delays, cost overruns, and mismanagement allegations. The company is currently conducting an internal review led by Mark Wild, who was appointed as chief executive in December 2023 to address the project's challenges. Wild has not yet provided a date for the opening of the London to Birmingham leg or an updated cost estimate [2].

Meanwhile, Australian infrastructure giant Macquarie is closing in on a multibillion-pound acquisition of Birmingham, Bristol, and London City airports. The move is part of Macquarie's strategy to expand its global airport portfolio [3].

In other financial news, Britain's biggest companies are in urgent discussions with the Treasury regarding the White House's attempts to raise taxes on their American operations. This follows recent reports that the White House is considering increasing tax rates on American-based multinational corporations [4].

References:
[1] https://www.thetimes.com/uk/transport/article/taxman-begins-fraud-investigation-into-hs2-m06jtdcfc
[2] https://citywire.com/wealth-manager/news/sunday-papers-taxman-begins-fraud-investigation-into-hs2/a2467862
[3] https://www.railtech.com/all/2025/06/10/hs2-whistleblower-payout-renews-scrutiny-of-spiralling-costs/
[4] https://www.osborneclarke.com/insights/boost-housing-and-infrastructure-uk-government-spending-review