The problem is that the most economically viable route would also be the longest - Holyhead to Dublin. Such a route would allow relatively easy access to the Emerald Isle's largest and most central coastal city from London, Birmingham and the M62 corridor, and would also justify electrification of the North Wales line
Sensible words.
I've debated this before on other threads, but the main points I'd make are:
The advantage of the channel tunnel is that the shortest route was also the main economic corridor between the UK and "the continent". Same goes for the bridge between Sweden and Denmark...
...however there's no "obvious" link from Great Britain to "Ireland" (referring to the whole island - since Norn Iron is obviously part of the UK). There's something to be said for a Stranraer crossing, a Holyhead crossing and a Fishguard crossing. However, building any one crossing would weaken the case for a second one considerably, so we'd have to decide whether to go for the cheapest crossing or the main economic route.
As well as the economics, there's the politics. Lots of it. In a hundred years time will Northern Ireland be part of the UK? In fact, will Scotland/ Wales? Should England wait for the various independence campaigns and then leave the cost of building a tunnel to the new countries?