..... that’s £300m/year, which even at low interest rates would buy you about £15bn of capital investment, which clearly isn’t going to be enough.
So, financially, it doesn’t come close to stacking up.
The only chance it has is if there is significant growth on the corridor for passengers and freight, which requires more capacity.
I think that you might be pleasantly surprised. The 35 mile HS2 Phase 2a section is expected to cost in the region of £4.5bn. I would imagine that the newly proposed 30 mile Lancaster to Oxenholm bypass would come in around the same. Don't know how much the Carstairs to Glasgow link would cost as some of it runs in an urban environment which is clearly more expensive - but then it would partly be shared by Glasgow to Edinburgh regional expresses.
My guess is that £15 billion would buy a lot of new high speed railway plus greatly increased capacity.