The railways haven't been renationalised but a new State body – Great British Railways, with the familiar old British Rail logo – will take over timetabling, setting fares, owning and managing stations and infrastructure, track access, and procuring most passenger services (the latter through new Passenger Service Contracts).
The structure of the rail industry will be simpler, with an overriding duty on all parties to cooperate to achieve the best outcome for passengers.
The new Passenger Service Contracts will replace franchises. They build on the National Rail Contracts that are being put in place to support the train operators through the COVID-19 pandemic. They will operate as concessions, with GBR setting the fares and paying train operators a fee. There may be potential for revenue sharing on more profitable routes. The contracts will be much more flexible in size and length, to encourage a wider range of bidders and to reflect the types of service being offered.