Something like a Germany 50 euro ticket.
Just looking at the numbers:
- All train revenues = £25bn
- Of which ~50% is government subsidy = £12.5bn
https://dataportal.orr.gov.uk/statistics/finance/rail-industry-finance/
If we were to have an (optional) train usage subscription of £100 per month, for 10m users, that would raise £12bn per year. Individual ticket pricing could still exist (for first class upgrades, for tourists, or for those who only do short journeys, < £100 per month) but for £100 per month, which is basically the cost of a single intercity return, why would you not pay it? That's a low enough threshold that some employers might even consider covering as a perk/minimizing per ticket expenses.
That £12bn + existing £12.5bn gov rail subsidy basically covers all rail revenues as they currently stand.
Surely this is a better model than people paying £10k+ plus for reasonable commuting journey season tickets, and even for those who only need to make the occasional intercity journey once a month or so.
Then there are all the societal, economic and health benefits.
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Regional spending will increase if travelling to the regions becomes more affordable. General local economic/productivity boosts.
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Less isolation if people can travel more easily. Social care cost saving.
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Probably a general improvement in health through less cars on the road, more internal travel to see things and get about. NHS cost saving. Air pollution impacts alone are estimated to cost the NHS £6bn (though obviously that cannot be fully eliminated). https://www.ox.ac.uk/news/2018-06-06-pollution-cars-and-vans-costs-%C2%A36billion-year-health-damages
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Less local pollution and car fuel carbon emissions if those who commute by car because they are put off by rail prices opt back in to rail. If those people can get rid of their car completely, they might even end up with more money in their pocket.
Hell, even if it was fully funded by doubling the government subsidy to achieve free rail seems quite cheap in the grand scheme of things.