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The alignment may well be, signalling etc no. Not sure the OLE is either. There was talk of 135mph to get around the signaling aspect, but that never got anywhere.
You'd need to do a hell of a lot of work at Basingstoke to remove conflicts, and likely 4 track the Basing-Eastleigh section to get freight out of the way to achieve any benefit. Then there's the cost of upgrading the alignment, signalling, paintwork etc. All for something like 5 seconds a mile difference.
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