In principle, my hon. Friend makes a very good point and I thank her for her intervention. The problem is this. I return to the profit ratio—or the cost-benefit ratio. If any of us were to go to a Minister or Government Department and say, “This is a fantastic project and it has a ratio of 1:2.3,”—which are the Government’s own figures for HS2—we would get laughed at. To get a project off the ground, according to Green Book assessments, a ratio of 1:5 upwards is needed, and preferably 1:7. So 1:2.3 is a very poor return for Government money by the Government’s own figures. Anything that helps, within reason, expenditure and our economy is to be welcomed, but by the Government’s own figures this cost-benefit is dubious. I thank my hon. Friend for the intervention.
If HS2 will cause no delay to south-west rail projects, will my right hon. Friend commit to prioritising the necessary work on the south-west rail route that could speed up journey times between London and south coast destinations such as Portsmouth, Southampton, Bournemouth and, yes, the Isle of Wight—my constituency? I know that my right hon. Friend is a user of south-west rail and feels the pain of the half a million people who travel in to Waterloo every day. Will he—or will she—
consider setting Network Rail and the new franchise a speed target of a 60-minute service to Southampton and Portsmouth? You can get two trains an hour down the main line to Southampton. They take about one hour 17 at the moment. If we are interested in high-speed rail, can we set a new target of getting people to Southampton and Portsmouth within the hour?
In addition, I will write to my right hon. Friend tomorrow in connection with the Island. He has been kind enough to sound positive about the needs of my constituents for better public transport, especially since we get precious little infrastructure money. In my letter, I will ask about the programme of reopening branch lines and investing in the Island line. Earlier this month, Isle of Wight Council voted to support a feasibility study on extending the branch line in possibly two directions and, working with our wonderful heritage line, the Havenstreet steam railway, to get people into Ryde, which would be very important.
My letter will cover support for investment, support for a feasibility study, and, dependent on the results of that study, support for the branch line and capital work on Ryde Pier Head to ensure that the railway line there stays feasible, continues and has a future. I am supportive of my right hon. Friend on his agenda, which is excellent, but will you assure me, considering that you are spending £52 billion on one line, that the Department will not tell me that you cannot afford a feasibility study?