yeah, but if you start looking at the costs of other projects that may well not be needed if you had a proper high speed link, it's not actually that bad value for money.
for instance m1 widening from london to leeds =
£5.125bn
then you've got the inevitable eventual widening of the A1 from Leeds - Newcastle (to become a full 3 lane motorway) and Newcastle - Edinburgh (to become at least dual carriageway all the way), which must be another £2 billion or so.
It could also potentially reduce demand for internal flights along the route, thereby reducing the need for airport expansion.
but the main economic advantage comes from the potential to reduce the demand for housing in london and the south east. With journey times from the north being under 90 mins it should really open up the possibility of people and businesses choosing to locate in the north, knowing that they can still get to london in 90 mins if needed, and europe via the channel tunnel in 3 hours or so.
The costs of building on the massive scale currently planned in the south east have IMO been massively underestimated. Putting hundreds of thousands of new houses into the already overcrowded south east is madness. The amount of additional infrastructure that will be needed to accomodate that number of extra people is bound to be huge and costly. There's already huge water shortages in the south east, and the planned level of expansion will inevitably mean the need to pipe in water from the north, plus increased pressure on the road network, schools, sewage systems, hospitals etc etc. Much better IMO to improve the transport infrastructure to enable more people to live and work in other areas of the country that don't have these issues.