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So if R3 doesn't get built, the money will be spent in the regions - don't make me laugh
Some of the budgeted public money will of cause be spent in the surrounding infrastructure M25/M4 widening and quite possibly some spent on new and very much in demand social housing !
Some will be reused elsewhere.
Much will be unspent - reducing future public finance deficits
HAL owners will hold on to continued profits and have reduced debt on their spread sheet !
Much unraised capital will find new homes(debt) in other places globally and some might even find its way into regional UK schemes such as Airport City, Newcastle Metro modernisation and expansion.
Oh and subject to remaining in the EU that maritime Highway project to develop Liverpool Humberside Felixstowe and Sunderland harbours into truly capable deep sea container ports allowing goods to be exported and imported without the regular roading and/or transshipment from/to the lowlands of Europe.