There are, roughly speaking, two things that constrain the capacity of any train line: terminal capacity and headways.
Reopen the GCML? Congratulations, you've choked up the Metropolitan line and Marylebone station, and you don't go to Birmingham. Also, HS2 uses the GCML alignment in the Chilterns, so you'll still upset the NIMBYs
By and large, HS2 is designed to exact a modal shift from diesel-powered road traffic to electric-powered trains. Even with a grid that’s 60% fossil fuel, high speed rail is much much cleaner than even the best hybrid.
A service station on a motorway uses up about 20 fields worth.
If you cancel it, you’re just going to have to build more roads instead. And roads are an environmental disaster.
I wish I didn’t have to be so cynical to say that their HS2 policy changed under a leader who lived near Euston at the time, but…
A common argument is that HS2 will be obsolete by the time it opens, because some mythical technology will obviate the need for it.
Any rail industry observer will cringe at this, knowing the history of "technology means we don't need this!"
Interestingly, the cleanest type of car to get in the UK would be a hybrid! But only just, and I digress.
Maglev is more mature, but to date there is no long-distance Maglev line.
But there's a problem. It's expensive. The current budget ¥9 trillion for the entire 400km to Osaka, or £62bn.
That's even more expensive than HS2, which goes further.
You don't want to be throwing up your lunch with a train going around a bend that it's not designed for.
For 320km/h, the most possible operating speed, that goes up to 2 and a half miles.
For high-speed maglev (500km/h), 7 miles.
For Hyperloop (1200km/h), 40 miles.
A standard intercity train takes 4 miles to get up to speed. HS2, ten miles. Maglev, 20 miles. Hyperloop, 115 miles!
That knocks out much of the eastern leg of HS2, and quite a bit of the rest! After about 320km/h, you get diminishing returns.
So let's talk about video conferencing. Although the technology has progressed a lot, it won't be mature enough until 5G is rolled out at least, and it's still not a replacement for HS2.
And let's be honest, who really does productive work at home?