The report comes two days before public consultation closes on government plans to build a high-speed network from London to Birmingham, Manchester and Leeds. Analysis by Volterra economics agency claims that a million jobs could be underpinned by the £34 billion network.
Ministers have characterised vocal opponents of the first section of the planned line, which would link London and Birmingham by 2026, as Nimbys motivated by narrow self-interest. Several Conservatives oppose the plans, including Cabinet ministers whose constituencies lie on the proposed route.
However, Conservative politicians in the North and Midlands demand today that David Cameron harness the economic potential of the railway.
Graham Evans, Conservative MP for Weaver Vale in Cheshire, said: 'The Prime Minister needs to make sure he delivers what he promised. It's very simple: if Conservative opposition ends up cancelling HS2, then cities outside of London will not be able to create the jobs they need.'
Stuart Andrew, Conservative MP for Pudsey in Leeds, said: 'A revitalised economy and a renewed business confidence are both key to job creation in the North and the Midlands. David Cameron needs to deliver that, and HS2 is integral to that delivery.
'When the Conservative Party announced its support for high-speed rail for the North and Midlands it gave cities like Leeds a real boost. We fought an election on it. To go back on it now would be met with a serious sense of dismay.'
Opponents of high-speed rail claim that the planned railway would cost every taxpayer £1,000. The latest study points to research by KPMG, which claims that the railway could generate an annual £800 of benefit for the economy per taxpayer and tax returns of £330.
Supporters claim that high-speed rail will be vital in nurturing private sector jobs and bridging the pay gap with the South East. Neil Gibson, of Oxford Economics, said: 'With public services no longer a source of significant job creation in our cities there is an increased need to grow the private sector base, and in particular those business with an ability to compete in world markets. Connecting businesses and people and facilitating 'working travel' will be required to ensure the UK's economic success is not confined to southern England.'
The research was commissioned by the Core Cities group, comprising Birmingham, Bristol, Leeds, Liverpool, Manchester, Newcastle, Nottingham and Sheffield.
Julie Dore, leader of Sheffield City Council, said: 'High-speed rail is key to delivering a better-balanced national economy, supporting the economic future of our cities. It will be faster for our business people to get to London but, more importantly, it will also be faster to get from London to Sheffield and from Sheffield to other major cities. This better connectivity is vital for our economy and will lead to thousands of additional jobs. Backtracking on high-speed rail would be a massive step backwards for job creation in Sheffield.'
Mike Whitby, leader of Birmingham City Council, said: 'The benefits for Birmingham and the West Midlands are clear – job creation, increased productivity and increases in average pay.'