If you didn’t fancy spending your Friday in a windowless conference room in Canary Wharf, here are my notes from the UK Rail Summit.

Spoiler alert: it was encouraging.

The railway costs too much. But there are opportunities to earn more revenue by focusing on how customers actually behave.

Everyone in the rail industry is waiting for a big reveal of the new structure of Great British Railways. But based on my experience (and a few hard-learned lessons), I argue that we’re starting in the wrong place.

Fix the incentives first - the structure can follow.

Nationalising the railways won’t fix anything unless we focus on aligning incentives and delivering for customers.

Inevitably, humans being what they are, a consultation issued by the Government proposes that the accountability mechanism for a business owned by the Government should be the Government, with the assistance of a watchdog appointed by the Government.

Here’s how we can keep all the good stuff in the consultation but tighten up accountability a bit.

Transport needs long-term funding through dedicated taxes. With a spending review and the creation of GBR both happening, now’s the time to ask for it.

Now we finally know what the Williams Shapps Plan says, I get together with Sir MIchael Holden to discuss it

Williams-Shapps has a lot going for it, but neither political nor budgetary success are guaranteed