Buried in a longer Times article about Labour considering cutbacks is the claim that Labour are considering cancelling Restoring Your Railway projects outside of Northumberland and Camp Hill (Portishead is specifically called out as potentially at risk), as well as considering cancelling HS2 Euston:
www.thetimes.com

Rachel Reeves ready to deliver the bad news: Britain is broke
The chancellor’s team have gone through the books and she says it is not pretty. She may have to raise taxes and cut projects to plug a ‘black hole’, blaming Tory profligacy, a claim disputed by her predecessor

Among the schemes to be substantially cut back or scrapped, includes the previous government’s £500 million Restoring Your Railway Fund. Proposals to resurrect 45 rail lines scrapped under the Beeching cuts of the 1960s in order to boost “communities that have been left behind” were included in Boris Johnson’s 2019 manifesto.
Since 2020, just one line has been reopened, the Dartmoor line between Okehampton and Exeter. Several others are already under construction, including the Northumberland line and the Camp Hill line between Birmingham New Street and Kings Norton, which are due to open later this year and in autumn next year respectively. When the previous government published its most recent list of successful bids in October 2021, it did not include the amount of cash allocated to each project. Among the schemes likely to be at risk include those not yet under construction, including a service between Bristol and Portishead.
Ministers are also weighing up whether to scrap the Euston section of the HS2 project, which would mean high-speed rail trains would instead run from a new hub at Old Oak Common in west London’s suburbs rather than going all the way into the city centre with a new tunnel.
Commuters would have to use the Elizabeth Line to complete their journeys into central London on the Underground in an effor to save billions of pounds for the project. Last week, Louise Haigh, the transport secretary, said the plans with HS2 were “an absolute mess” which would take a “huge job” to correct.
Before the election, the Conservative government had privately agreed to fund the project using a Tax Increment Financing scheme, similar to the one successfully used by Sadiq Khan, the mayor of London, to pay £1 billion for the Northern Line extension between Kennington and Battersea, which opened in 2021. A significant part of the funding came from property developers who believed the new link would boost residential demand in the area.