Cities in the Midlands and north of England could become global leaders thanks to the economic boost delivered by national high-speed rail link HS2, a group of key figures from business, politics and trade unions says.

The Growth Taskforce, composed of leaders from across the political spectrum and the public and private sectors, submitted a report today outlining proposals to ensure jobs and business opportunities are delivered across the country.

The report says economic benefits could be felt in “just a few years” with the regeneration of brownfield sites across the proposed track route.

It says HS2 will create £25 billion of contracts and 25,000 new jobs, with local businesses set to benefit both directly and indirectly from the build.

The taskforce’s recommendations include:

- new local bodies to create tailored growth plans for cities along the HS2 route

- local leaders and business use HS2 to supercharge their city regions by creating world-leading transport links and kick-starting urban regeneration

- work to begin now to ensure young people understand and capitalise on the career opportunities HS2 will open up

- help given to British firms to bid for HS2 contracts

- ensuring HS2 contracts lead to local job creation, skills development and apprenticeships

Lord Deighton, taskforce chair, commercial secretary to the Treasury and the former chief executive of London 2012, said: Like the Olympics, HS2 has the potential to be a great British success story, bringing jobs and growth to the whole country.”