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In his speech to the Labour Party conference in Brighton today, Labour鈥檚 shadow chancellor said the party remained committed to the 鈥渋dea of a new North-South rail link鈥� but questioned if spending 拢50bn on the high-speed rail line was the right priority.

The warning comes after government revised the cost of HS2 from 拢33bn to 拢43bn earlier this year, with a further 拢7.5bn for the cost of the rolling stock. Last month Balls said there was 鈥渘o blank cheque鈥� for the project, and Labour would withdraw its support if the costs did get out of control.

But today Balls went further and hinted that a future Labour government could consider scrapping the project.

He said: 鈥淯nder this government the High Speed 2 project has been totally mismanaged and the costs have shot up to 拢50bn.

鈥淒avid Cameron and George Osborne have made clear they will go full steam ahead with this project 鈥� no matter how much the costs spiral up and up. They seem willing to put their own pride and vanity above best value for money for the taxpayer.

鈥淟abour will not take this irresponsible approach. So let me be clear, in tough times 鈥� when there is less money around and a big deficit to get down 鈥� there will be no blank cheque from me as a Labour chancellor for this project or for any project.

鈥淏ecause the question is - not just whether a new High Speed line is a good idea or a bad idea, but whether it is the best way to spend 拢50bn for the future of our country.鈥�

Balls鈥� latest comments followed increasingly sceptical public statements by other senior Labour figures previously in favour of HS2, including Lord Mandelson, a former business secretary, and Alistair Darling, who approved the project while he was chancellor.

Following Balls鈥� speech, Labour鈥檚 shadow chief secretary to the Treasury Rachel Reeves told the BBC鈥檚 World at One that a Labour government would 鈥渃ancel [HS2] if we do not think it鈥檚 good value for money鈥�.

She said: 鈥淲e have to be certain that that is money well spent and at the moment the costs just seem to be going up and up and up - David Cameron and George Osborne not getting a grip on that spending.

鈥淲e鈥檙e saying there will be no blank cheque, the price cannot continue to rise and expect that taxpayers just foot the bill.

鈥淲e would cancel if it we did not think it was good value for money and the costs continued to rise. The government have got to get a grip and get the costs under control.鈥�

In his speech, Balls also said a Labour government would set up an independent Infrastructure Commission, the former chair of the Olympic Delivery Authority, 鈥渢o end dither and delay in infrastructure planning鈥�.

Balls also hit out at the government鈥檚 Help to Buy scheme, which he said was driving up house prices by boosting demand while the government was doing little to boost supply. 鈥淚t鈥檚 basic economics. If you push up housing demand, but don鈥檛 act to boost housing supply, all that happens is that you push house prices up and up,鈥� he said.

鈥淎nd the end result is that the very people your policy should be helping 鈥� young first time buyers - will find it even harder to get on the housing ladder.鈥�

Ball also attacked the government for cutting infrastructure investment in 2015 and reiterated his call for 拢10bn in infrastructure investment to be brought forward to fund the construction of 400,000 affordable homes.

He also said a Labour government:

• would legislate for a decarbonisation target for 2030 and unlock billions of pounds in new investment in renewables, nuclear and clean gas and coal technology.
• would give the Green Investment Bank the borrowing powers it needs to do its job
• would not fund new free schools in areas where there are an excess of school places