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Ed Balls speech to CBI; Balls speech (continued) SOT- Second, on High Speed 2, the whole purpose of the Armitt plan is to ensure that in future the case for and the costs of any large project is properly and thoroughly and independently investigated.Labour supports HS2 and the idea of a new North-South rail link because of capacity constraints on the existing rail network. But our support for it is not at any cost.The Labour Party cannot – and will not - give the government a blank cheque. That is what you would expect from any credible official opposition seeing a Government desperately mismanaging a project. And that is what is happening here with the costs having shot up to £50 billion.Indeed, the costs have gone up by a staggering £10 billion in the last year, so I of course welcome the Prime Minister's belated recognition that he needs to get a grip.As you at the CBI have said recently: “The increased costs of HS2 are a matter of concern. For HS2 to go ahead it has to wash its face. The value for money test has to be properly applied.”We agree – and we will put the national interest and the taxpayer interest first. We will take a hard-headed look at the costs and benefits of the scheme to ensure this is the best way to spend £50 billion for the future of our country.As Chancellor, I would be a strong advocate for infrastructure investment. And I believe the government should be acting now to bring forward that long-term investment, as the IMF has also argued. But the Chancellor should never simply become a cheerleader for any particular project. Building a consensus about long-term infrastructure does not mean turning a blind eye to value for money.Let me turn to another area where we badly need a long-term consensus to secure long-term investment - and that is energy.In your report, the Colour of Growth, the CBI made a powerful case for long-term certainty to drive investment and innovation and new technology....