A total of £36 billion in savings from HS2 will be reinvested in hundreds of transport projects across the country.
The Network North plan will still see HS2 delivered between Birmingham and Euston in central London.
But every penny that would have been spent extending the route will instead be redirected into local transport projects to drive economic growth and provide jobs.
Network North will deliver greater connectivity across the country with faster journey times, increased capacity and more frequent, reliable services and connections will also be strengthened across the United Kingdom.
An unprecedented £1 billion investment will bring parts of North Wales within an hour of Manchester through a major upgrade of the North Wales Main Line, including electrification.
It will mean journeys will become more punctual and reliable on the 105-mile route between Crewe, Liverpool, Warrington, Wrexham, and Holyhead, where ferry services run to Dublin.
The funding comes alongside £12 billion set aside for Northern Powerhouse Rail, allowing delivery of high-speed links between Manchester and Liverpool as previously planned.