Interesting. If we look at the idea of subsides between region, and we accept that this the right way of thinking about it and assume it's factual and that simple. Then I think one of the questions worth asking is effectively do we want to try reduce that inequality or do we want to perpetuate it. Neither is obviously right or wrong, but I think that's the core question. If we are believe to the idea in the article then we can see a reasonable case that the disparity between the regions has been, if not deliberate, than an obvious outcome of previous policy. Which makes the argument that we shouldn't invest in the regions requiring subsidy circular.
There are investments beyond transport that we could make. Not all investments generate or should be judged against short-term returns. That a 1B tram system in Leeds may be less than effective does not mean we shouldn't invest at all. I don't see why we need an insane bet rather than a programme of improvement across the board.