Open or closed, I'd probably still watch it with a gorgeous lassie like Julia striding along them.
Subsidies? I think you'll find that all the rail nations whose systems we so admire, Swiss, French, German, Japanese et al , heavily subsidise them, taking the attitude that they are a necessary component of their society. But they are never a cheap way of travel. Cheap travel for the masses is a very recent phenomenon and one that is rapidly vanishing. Travel has always been the prerogative of the wealthy and it looks as though we're reverting to that situation.
Sadly our parliamentary system of blithering left wing idiots on one hand opposed by red in tooth and claw Thatcherites on the other means we can never get a stable long term transport plan in place. Going back to nationalised industry would simply mean another enormous bureaucracy established to run it. Does anyone seriously think if we re-established, say, a nationalised steel industry it could compete world wide? I've yet to see any human activity made more efficient by putting in a layer of civil servants. I have a deal of experience of dealing with certain de-nationalised industry and dealing with the relics of that system, and there are still quite a few in place, can be very difficult.
While nationalised, they never got into trouble for doing nothing; change is anathema to them; it can get you into trouble. The fact is, the nationalised railways were grossly inefficient, with no incentive to improve and due for destruction. We're just lucky there's so much left that could still be massively improved with subsidies that improved the system rather than Branson's pocket.
On a lighter note, the closure of the Edinburgh - Balerno line meant the opening up of the railway wa's, that famous toughening ground for the fingers of Haston, Moriarty, Marshall and a generation of Currie lads. Sadly it's overgrown with weeds now and being over three metres high requires scaffolding if climbed on.