I'm assuming it's one of these recession driven Great Public Works (which do make some economic sense) - do some long-term infrastructure investment while labour rates are cheap and get the unemployment numbers down a bit, hand out some money to potentially deprived parts of the country in equipment supply contracts, and everyone's (quite) happy.
I remember reading a thing about the Severn Tunnel and thinking that it'd be a nightmare to electrify, because it's simply so wet. Perhaps the imperative of getting the catenary to Cardiff will give someone the will to solve a problem that hasn't been solved in 150 years?
I've always assumed that one of the major arguments that would be made in favour of this tidal barrage thing was the benefits it offered as a transport corridor, too. And, if I were quite keen on that barrage, and didn't mind some incidental improvements in rail connections to Wales, I might come up with the idea of offsetting the projected (presumably huge) cost of getting wires through the Severn Tunnel) against the projected cost of the barrage and selling the whole package - rail link AND tidal barrage, hey, we'll even supply the power to the rail link over the barrage

- as a great big cost saving...
But nobody'd be that machiavellian, would they?
(and, although the wildlife wouldn't much like it, the idea of a massive tidal barrage is quite a neat one, especially with a railway going over the top of it.