In 30-50 years time, diesel fuel will become so rare and expensive that the rail network will have to become electrified. If not, then the rail network will be slashed so greatly it would look as if the Beeching cuts of the 60's was minor.
I know that this view is mighty unpopular in these forums, but I'd rather the monies spent on HS-2 was spent on electrifying the greater part of the UK rail network to something akin to the Swiss model. The operative word is "greater", not all.
Nothing would please me more than seeing all of Britain' railways electrified on the Swiss model. Switzerland's motives however were strategic/military rather than purely economic since Switzerland could be self-sufficient in traction current but was dependent on other countries for imports of coal/oil.
Whether diesel fuel will become such a high cost commodity depends on when (if ever) we pass "peak oil". Forecasts of oil production are skewed towards known resources and, so far, new resources have been found which mean that oil production remains high many years after it was forecast to run dry.
I personally would also prefer to see incremental improvements on the present railway (as Switzerland has done in recent years) rather than "HS2" which I see as the wrong project on the wrong route. HS2 is, I am sad to say a political vanity product sold to politicians daft enough to believe you can run 18 trains per hour at high speed on a 2 track railway.
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OHLE costs a lot of money, and so the government (whatever colour) and the railway bosses want big projects that they can sell to the public,
instead of putting the wires up, to Cardiff (big show project) they should infill all the lines from Anglia, to ECML and WCML then we can get away from most of the DTU's
You can get a flavour of this with the proposal for the "Electric Spine" from Southampton to Sheffield (not reaching the ECML).
More sensible would be the infil electrifications needed to connect Felixtowe to the WCML.