Not for this spending review period. There’s no money. I don’t think many people understand the dire straits that this country is in with respect to public sector finances and borrowing.
Many, many people in this country are fully aware of the problem with public finances.
There are lots of people on this forum who frequently need to be reminded.
I first studied economics in the 1970s, and have followed the fortunes of the UK economy ever since. The public finances have not been in a weaker state since the 1970s.
If the government saw rail investment as a priority, it could raise taxes or cut spending in other areas. Of course, in practice I don't think the government does see rail spending as a priority, but it's important context.
We know the government's spending priorities, they were set out in the spending review only a few weeks ago.
If the public finances turn out to be a bit better than expected, then any spare money is unlikely to come in the direction of the railway. On the other hand, if the public finances turn out to be a worse than expected, then the railway could get hit, especially if it can't keep its costs under control.
The hideous things about traditional OHL electrification in the current financial circumstances are that it is very binary (it either happens or it doesn't) and has lots of up front costs. Furthermore, those costs are very lumpy, especially feeders from the grid and wiring big complicated stations.
The thing I love about batteries is flexibility. Batteries can give us electric traction without the need to invest a lot up front on the OHL infrastructure. Furthermore, it opens up the opportunity to sweat the assets of the electrifications that are already done. Every existing feeder station that isn't being used to capacity can charge some battery trains, either while standing still or on the move.
Where there is OHL for part of the route, battery trains can charge on the move. What I'd really like to know is what percentage of route needs to be OHL for a train to run all day without static charging? If there isn't quite enough OHL for that, then there is the option of a bit of discontinuous electrification, or having more trains with longer turnrounds to include periods of static charging. I suspect that, in most cases, the latter will be the cheaper option. But if more grid feeders and/or OHL are needed, the flexibility of batteries will mean that feeders can be where they are relatively cheap to build, and discontinuous OHL can be on the easiest and cheapest bits of track to do.
I think that there is now an unstoppable move away from traditional OHL electrification and into batteries. Last week's experiment doesn't change that, but what it has done is to help to change the terms of the debate, as demonstrated here.
Wearing my economist's hat, my biggest concern is the supply chain for batteries. In a competitive global market, can the UK get what it needs at reasonable cost?