The cost of the second Severn Bridge is funded by a toll, why could not a second severn rail crossing also be funded by a toll? Then again, surely the ^1000 million that FGW▸ are paying the DfT» for the privilege of running the franchise could pay for such a crossing.
I am afraid that you misunderstand the way the Treasury works. The ^1000 million FGW has to pay is not for rail improvements it's just part of general government revenue. It can't be allocated to building a new rail crossing of the Severn as that would be hypothecation which the Treasury doesn't allow. It's also why all the tax collected off motorists doesn't go towards building new roads or even maintaining the existing ones.
I see a bridge has been suggested, the problem with the Severn is unless you go upstream of Sharpness you need a suspension bridge to span the width and to give the necessary clearance for shipping. Also I didn't think you could run a railway over a (long) suspension bridge because to stay up they have to sway which would distort the tracks. Further having sailed a narrow boat in both directions from Sharpeness to Portishaed the tidal flow is awesome and would make building any piers for a ridgid bridge in the full flow almost impossible. Don't forget Avonmouth has the second highest tidal range in the world. But even if they could be built they would be extremely vunerable to being hit by quite large ships as the origanl Severn and Wye bridge at Sharpness was. You only have to think of one of the car carrying floating bricks that serve Royal Portbury losing it's engines on the approach to the Dock and being swept upstream.
You could build a new bridge to replace the old Severn and Wye bridge from Sharpenss to Lydney, which was destroyed in a tragic accident in the 60s, when two petrol barges missed entrance to Sharpness dock in fog and were swept upstream by the tide, and hit the bridge and blew up. Up to it's destruction it was used for diversions but as the largest engine that could be used was Dean Goods or equivalent most Expresses went via Gloucester as now.
Even if it was built it would be a long way round with slow approaches unless say you built a new line from west of Sodbury tunnel across to Sharpness and really fettled up the old South Wales mainline west of Lydney for 125 mph. It's pretty well alinged already as it's a Brunel route and virtually level running beside the river. The new link could have junctions with the Midland where it crosses probably somewhere near Berkley.
But it would only be of any real use for London services, but still it would free up the tunnel for local services.
However I still say it's a tremendous inditement of the 5th largest economy in the world that we can't "afford" a second Severn tunnel.