I get the feeling that HS2 only survived by the skin of its teeth last year, and I think if there was an easy way to kill it off the Government would have done so, as it is they going to cut it back to the bare minimum. Todays inflation figures may help the cause slightly, but I think the government see it as an albatross around their neck. Its too far advanced to abandon so my guess is we will get Birmingham - OOC with just about every other part of it 'postponed/delayed'
Would a different incoming government change or reverse this, probably not, they might like to, but the financial reality will probably mean that apart from Euston, which seems fairly crucial to me, the rest of it will remain firmly in the tomorrow pile, they may pay lip service, but that will be about all.
Its an unfortunate situation which to some degree has been shaped by event outside UK control.
I think that the main take away is that cost control and budgeting has to improve on major infrastructure projects, we have seen it time and time again, Crossrail, GWR electrification, to name two. Unless this happens future governments are going to very wary of these sort of projects as they end up being political banana skins.
I would also question why we went for a 400km/hr solution, other countries with far better developed high speed rail networks seem to have settled on 300-320km/hr, even China where the distances are huge compared to the UK seem to have settled on possible 350km/hr in the future but are sticking with 320km/hr currently.
My own view: If the original concept had been delivered (i.e. East and West legs, to Leeds and Manchester) it could have been a game changer, based on what is likely to be delivereds it just feels like a previous pm's vanity project, and I am not sure that investment v benefit is positive.