The electrification schemes are (or were) being funded by borrowing against Network Rail's Asset Base. As such the cost does not appear on the governemnt's book.
Therefore cancellation does not benefit the government at all. The countrry's deficit is not even reduced by £1.
True or false ?
I think true.
....
I think true, too.
There's a lot of misinformation out there about the deficit, public finance, etc. This is a symbolic sacrifice, one that will not save a £ in either short or long term, because this government are using it as a way of hoodwinking us all into their real ideological agenda - small government, every man for himself, attacks on public transport and other public services.
The fact that we're all being carried away by this "only spend what you can afford" guff is frightening. For eons, we have never been in a position of only spending what we had. It's called usuary and investment, and it's (sadly, you might say) what makes the world go round... and it's what is behind economic growth.
There's a choice: back to barbarianism, or invest in the public good through things like decent public transport. I remain to be convinced that Britain is really as "broken", financially or socially, as the gov't (or the Sun) would have us believe.
We should be having HS2 AND electrification. And if I have to pay an extra penny or two in the pound in tax (Income tax NOT regressive VAT) then so be it.