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It never did make economic sense. But even if it did now just about still break even comparing the unsunk costs to the future benefits:
There are at least 20 other rail infrastructure projects that give considerably higher rates of return, and about a thousand other non rail projects, all of which should be spent on before continuing to spend on HS2..it's an opportunity cost situation.
A great deal of that £4 billion has been spent compulsorily purchasing properties that lie on the route (I understand HS2 now has one of the larger commercial property portfolios, by value). So if (when!) it's cancelled, much of that value can be recovered by resale (might even make a profit).
Govt. would probably tell everyone in advance and then dump it all in one go.
If HS2 goes ahead to Birmingham then it must continue to the vital Crewe Hub. The extra cost to Crewe is not that great for the benefits it gives for such a short run. Then upgrading the lines from Crewe to Manchester and the line to Liverpool from Weaver Junction.