I agree that the Exe Valley railway would be a great asset today. However, the M5 route does provide access to the east Exeter which is a large employment area. Also, this route does relieve some congestion on the A396, and consequently those who prioritise any future reopening of close railways may deem it to bring fewer benefits than some others.
Tiverton (15 mins driving time in 33 mins to Exeter) is a good example to compare to Tavistock (16 miles in 48 mins to Plymouth). Both trips from Bing Maps at 0850 today.
Nobody would do that though, they'd go down the valley, take the cutoff at Stoke Canon & go round to Pinhoe, it's way quicker - but the traffic ends up in areas that aren't really meant to take traffic. I'm pretty sure - I never got hold of the actual report so i can't say for sure - that the economics of the entire line to Dulverton were looked at rather than Exeter-Tiverton and then Tiverton-Dulverton ( as it was built - it wasn't all built in one go or by the same companies, iirc ). It'd be great if the lower bit was still there ( even better if the few miles to Tiv. Jct was also still there, you could have looped off local trains who weren't going to stop until Exeter anyway ) but it's all academic, there's not a chance of anything being put back. Especially when the actual solution is "move to Cullompton".
I don't think Tavistock has a nearby expanding dormitary town as an alternative?
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