We should not just be considering fares as the be all and end all. Successful rail companies elsewhere don’t tend to make a profit on ticket sales but instead through diversification. Tokyu, one of Japan’s private railways, has revenue of $2.63 billion and profits of $587millio but only a third of the revenue comes from rail fares with real estate bringing in about the same amount and much of the rest from retail. [1] Franchises make this difficult to operate in the UK but HS2 might have tracks/land/stations and operating trains integrated so providing an opportunity. Moreover it is wrong to suggest that only a couple of lines have made a profit as this is only a couple of lines have made a profit including the immense construction cost on the loss side of the balance sheet. Most high speed lines at least break even without subsidies after a few years of operation, as has been the case in Taiwan [2] – which is better than Britain’s other railways.  [1] Jaffe, Eric, ‘The Secret to Tokyo’s Rail Success’, The Atlantic, 18 May 2012,   [2]