Yes, it first came up as a suggestion to soothe the French that the British would support them if Germany attacked again during the Peace talks in 1919.
From
wiki:
In 1919, during the Paris Peace Conference, the British prime minister, David Lloyd George, repeatedly brought up the idea of
a Channel tunnel as a way of reassuring France about British willingness to defend against another German attack. The French did not take the idea seriously, and nothing came of Lloyd George's proposal.
In the 1920s, Winston Churchill had advocated for the Channel Tunnel, using that exact name in an essay entitled "Should Strategists Veto The Tunnel?" The essay was published on 27 July 1924 in the Weekly Dispatch, and argued vehemently against the idea that the tunnel could be used by a Continental enemy in an invasion of Britain. Churchill expressed his enthusiasm for the project again in an article for the Daily Mail on 12 February 1936, "Why Not A Channel Tunnel?"
There was another proposal in 1929, but nothing came of this discussion and the idea was shelved.
Proponents estimated the construction cost at US$150 million. The engineers had addressed the concerns of both nations' military leaders by designing two sumps—one near the coast of each country—that could be flooded at will to block the tunnel. But this did not appease military leaders, and other concerns about hordes of tourists who would disrupt English life. Military fears continued during the Second World War. After the fall of France, as Britain prepared for an expected German invasion, a Royal Navy officer in the Directorate of Miscellaneous Weapons Development calculated that Hitler could
use slave labour to build two Channel tunnels in 18 months. The estimate caused rumours that Germany had already begun digging.