Rail fares could be cut in half under government plans to allow trains to compete on the same lines, a leading rail body has said.

Rail Partners, which represents private rail firms, suggested passengers could see huge reductions of between 15 and 50 per cent in ticket costs if the Government pushes ahead with its plan to increase the number of open access operators.

This is simply how competition works. What limits the amount that Heinz can try to charge for baked beans is what others are willing to sell baked beans for. What limits the margin Sainsburys can charge on Heinz baked beans is the margin Morrisons, Waitrose, the Co Op and others are willing to accept on Heinz baked beans. And everyone is limited in what they can charge by the existence of those hundreds and thousands of substitutes that exist for baked beans (although not, of course, on a proper breakfast).

How much we can be charged for a rail ticket depends upon all those substitutes - the price of a car journey, cycling, the bus, just not going and so on. Adding in also that direct competition, someone else offering the same journey but in a different steel tube, at a different price, will indeed reduce prices to consumers.

Which would be good - consumers are made better off and that’s the aim of our having even a civilisation, let alone an economy. Lower prices would, we expect, also entice some of those journeys by car, foot, cycle and just not going onto the substitute of the train ride. Which would, we assume, please the environmentalists.

So, umm, yes. The interesting thing is therefore seeing what excuses are to be given for why it shouldn't be done, isn’t it?