Agree - think about three factors in particular:
1) Where is Clegg's constituency?
2) With the GW electrification behind schedule and much of the team expected to move from there to the MML, it was never likely that the bulk of the MML work would ramp up on time.
3) There is only so much money available; if it is not being spent efficiently then it follows that less work will get done in a given time span and that the lower priority / least advanced bits of the work will get postponed.
Clegg being removed from the Government probably makes the decision slightly easier - but don't forget the Transport Secretary travels on the Midland Mainline regularly to get back to his constituency.
He has probably seen first hand (as I have) that the route is not a complete basket case and that the current operators are able to run a half decent service on it. He will have seen the delays caused by the slow line speed at Market Harborough, the odd service patterns for some of the stations on the route and the occasional over-crowding, particularly when units fail and peak services are short formed.
This was also the broad view of the MPs on the route who contributed to the debate and questions after the announcement.
Electrification means lower running costs, but it also creates the need to purchase new rolling stock...but there's not that much wrong with the current rolling stock.
The plan of pausing the electrification, sorting out Market Harborough, creating an additional path out of St Pancras, and hopefully using some of the GWML HST's to enhance the fleet in the short to medium term is a good one.
The route does have to be electrified eventually as the HSTs will not last for ever, and the running cost saving would be huge.
Market Harborough would need to be sorted out anyway, so it's good that it's going to be done sooner rather then later.