Commuter and Walk on Fares to regulated at RPI▸ -2%.
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Off peak to be at least 40% cheaper than Walk on
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Standardised Off Peak times regulated, no silly ones like Inverness
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Also perhaps consider where applicable an IC▸ (Intercity) fare and an RE▸ (Regional Express) fare for say journies over 75 miles
That's all fares then, bar Advance Purchase?
Off Peak 40% less than Anytime? Bristol to London Anytime Return currently ^179. Less 40% makes the Off Peak fare ^107.40. Currently the Off Peak Return is ^64.50.
For your system to work, more regulated fares would be needed with all flows being repriced so that there aren't massive increases like the one I've highlighted. Govt stated aim is not to increase the scope of regulated fares from the current: Commuter fares, long distance Off Peaks and shorter distance Anytime Days.
Not sure your system could be revenue neutral without Anytime fares decreasing and Off Peak increasing.
Off Peak times are already regulated. An Off Peak fare must be available on longer distance journeys no later than 1030 Mon-Fri and all day weekends. Except for journeys out of London where operators are permitted to restrict their use between 15.00 and 19.00 Monday to Friday. The Inverness example you mention is a restriction to an unregulated fare, the
CDR▸ to certain destinations. Understandably if you want all walk-up fares regulated then this restriction would be removed. But the ability of
TOCs▸ to manage demand and overcrowding is likely reduced, as they wont be able to deviate from a standard definition of off peak. Barring people from making shorter journeys in the evening on CDRs actually makes sense. It frees up space for longer distance passengers who's journey may be more time critical than those on a short distance Day Return.
We already have price competition on flows with more than one operator. To have an IC fare and a RE fare means there will necessarily have to be an IC train and a RE train on that flow. In many places that just wouldn't be practical.
So, sorry. Some nice (ish) ideas but certainly not simple!