Andy Street, the Tory mayor of the West Midlands, said he would not quit the party despite being “incredibly disappointed” by Rishi Sunak’s HS2 decision.

He said he had “thought incredibly long and hard about what my future in the Conservative Party should be”, but had decided to remain a member.

Mr Street also held out hope that the idea of a high-speed rail link to Manchester could be revived by a private sector consortium despite the Prime Minister’s “agonising” decision to scrap the plan.

“The West Midlands must be at the heart of the UK’s modern transport network and reap all the benefits that will bring,” he said.

“The Prime Minister has today reached out to work with me to make that happen and to turn my back on that offer would be doing a serious disservice to my region.

“I know this decision will make me deeply unpopular in some circles, and indeed many wanted me to resign and make a statement against my party.

“But I have always said that I would put place before party and staying as a Conservative to work with the Prime Minister and his Government to continue the revival of the West Midlands is doing exactly that.”

Mr Street said he still hoped a way could be found to fund a high-speed link to Manchester.

“The PM said emphatically today that the Manchester leg of HS2 was cancelled, but – delusion or not – I believe through this work a high-speed link between Birmingham and Manchester can be revived.

“Crucially, the private sector companies I have on board feel the same.

“Do not forget that HS2 was never meant to reach Manchester until 2041 and so I am convinced we can find a way to get back on track.

“Greater Manchester has so much in common with the West Midlands and I would never sell out our allies.

“I remain as committed as ever to a future high-speed link between our two great regions.”