The government is considering a proposal from engineering consultancy Atkins which would see the construction of a 187mph high-speed railway line.
The plans for the east and west coast mainlines would see journey times greatly reduced, with a trip from London to Manchester taking just 74 minutes.
Atkins claims the £31bn plan would bring economic gains to the UK in the region of £63bn.
The proposal would see high-speed lines eventually going as far north as Glasgow and Edinburgh and would free up existing track for local trains and freight.