As far as I can see if the ELV supply has one leg earthed then there is little likely hood of either leg voltage to earth raising above the 50 volt limit.
Just what I was thinking reading through this debate. Why would you not earth one side of the 12V supply as a safeguard anyway? And while I have no idea what all the current rules in BS7671 might have to say about it, it's certainly long been considered acceptable to run the two different voltages in the same cable so long as
all cores are insulated for the higher voltage. The sheathing requirement for 240V is to the "outside world," not between the 240V and other conductors within the same cable.