Network Rail is launching a study to see whether or not it would be feasible to build five high-speed lines across the UK.

A new west coast line, which would run parallel to the existing track, could reduce journey times between London and Manchester to 74 minutes, according to the rail operator.

Speaking on Channel 4's News at Noon, Network Rail's deputy head of media, PJ Taylor, said the initial investment would be massive but it would ultimately benefit the economy.

"There will be a large capital [outlay] attached to this," he remarked.

"But I think the real benefit is ... to the economy because we know infrastructure like this can drive growth."

According to the Greater Manchester chamber of commerce, more than a third of the annual 25 million passengers that use the existing West Coast Main Line are business travellers who rely on peak time services.

Earlier this year, the government selected transport infrastructure company Alstom to produce 106 Pendolino trains and carriages for the West Coast Main Line.