MPs opposed to the planned high speed rail line are calling for a referendum on whether taxpayers should contribute to the £42.6 billion cost of the project.

The House of Commons will debate and vote on the proposal, which is backed by Staffordshire MP Michael Fabricant (Con, Lichfield).

Supporters say they hope the debate will ratchet up the pressure and make the case for more scrutiny of the massive cost of the line, which they say has not been properly investigated.

It is still not entirely clear how the line, known as High Speed Two or HS2, will be funded and Prime Minister David Cameron has suggested China could invest in the scheme.

But this is unlikely to involve contributing to the cost of the line itself, and could instead mean investing in peripheral schemes around the route such as developments around stations when the route opens.

The Department for Transport also pointed out that the cost, which refers to the entire scheme running to London, Birmingham, Manchester and Leeds, will be spread over many years, with construction expected to continue until 2032.

Legislation “to make provision for a national referendum on whether the proposed construction of the HS2 railway should be supported financially by the UK taxpayer” will be presented to the Commons on January 23.

The Private Member’s Bill is proposed by Dorset MP Christopher Chope and backed by Conservatives opposed to HS2 including Cheryl Gillan, the former Welsh Secretary, and Sir John Randall, who is a former deputy chief whip.

Mr Fabricant, also a former whip, said he understood the need for increased north-south rail capacity “but this is not the way to go about it as it is more environmentally damaging and costly than it needs to be.”

He said: “Given that the House passed with an overwhelming majority the existing proposals for HS2, with the backing of all three main parties, this Bill, while standing no chance of becoming law, makes the point that there should be more accountability in spending of such large sums of public money.”

Work is continuing on efforts to ensure that the planned HS2 depot, to be constructed in Washwood Heath, does not cost jobs.

Hodge Hill MP Liam Byrne (Lab) told the committee last year that the proposals “lose us a once-in-a-century opportunity to revolutionise the economics of east Birmingham” by blocking plans to bring employers on to land surrounding a site once used by van manufacturers LDV.

The proposed business site could create 4,000 jobs, he said.

In a statement before Christmas, chair Robert Syms said the Committee had rejected calls for the depot to be moved to a different location.

But he called on the HS2 Ltd to alter its plans so that more of the Washwood Heath site was available for other businesses.

He said: “We do not believe there is enough evidence to support a move of the rolling stock maintenance depot from Washwood Heath.

“We impress on HS2 the need to adjust the scheme so that there is minimum land take and for the shortest time with sensible placing of balancing ponds and a hand-back configuration that after construction will attract maximum business use of the residual site.”

An agreement on the use of the site should take account of proposals drawn up by AXA Real Estate, which owns part of the site, he said.

AXA had previously pushed the Committee to order that the depot be moved entirely, and had highlighted a planned transport hub in Chelmsley Wood, Solihull, called UK Central, as an alternative location.

However, it presented a “plan B” once it became clear the inquiry would not accept this proposal.