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There are circuits in the UK that could be developed that are situated in far better places than Silverstone. Ingliston, for example, is right next to Edinburgh airport, so transport would not be an issue, and could be expanded and developed to F1 standards. Just needs a few hundred million...
Just the few hundred million After visiting donington not long after the f1 project fell through it was amazing to see how much work had already begun. To name a few other of the main British circuits;
Brands Hatch: Think they would need to work on a lot of the runoff areas to accept F1 cars, not sure if it is really feasible (seeing the a1gp cars go around there was as close to f1 as i think we will ever see)
Donnington: Dont think MSV have got the funding/inclination to pursue that project again, also MSV taking over it is being held up
Circuit of Wales: Lets not go there, but may have had the potential
Oulton Park: similar to Brands
Thruxton: no chance
Snetteron: Does have a lot of space, but a complete overhaul would be needed, dont think viable
Most of the other existing circuits around UK will echo the above