The discussion on new intercity rolling stock began in the mid-2000s, with the project information released to the market in 2007. The preferred bidder, the Agility Trains consortium led by Hitachi, was selected in 2009, but the project was subsequently put on hold. This was due to the reduced capacity of the financial markets to provide finance as a result of the Global Financial Crisis, as well as the decision made in 2009 to electrify the Great Western Main Line, changing the requirements for the project. There was also another significant rolling stock procurement programme running at a similar time (Thameslink, where the preferred bidder was chosen in June 2011), as well as the major M25 highway project, which together had the potential to stretch the resources of the Procuring Authority and the financial markets.

In March 2010, a value for money review was carried out on the project, and the government also conducted a comprehensive spending review on all government expenditure. Additionally, there was a change in government in the UK in 2010. It was finally decided in 2011 to continue with the project, with the Agility Trains consortium remaining as preferred bidder.