Thanks Simon, I agree with you here!
In Sheffield they are trialling tram-trains and it’s hoped that they may then be tried in other cities – this has been suggested as an option for Glasgow airport as way of getting a cheaper rail link (Glasgow Central-Paisley on the mainline and a new tramway from Paisley to the airport, perhaps on existing streets). For info about the Rotherham trial, see: http://www.sypte.co.uk/tramtrain/
I totally agree with you that investment is worthwhile. I’d also like to see a change in the way that the media talk about railways as “subsidised” but roads as “invested in” and that the costs of every rail (re-) opening scheme becomes the crucial point for public and political discussion whereas for roads whether the road is needed or not is always the main point! (Even though new major roads cost way more!)
Hopefully your idea will lead to some real discussion and thought.