Quite.
This is the point forgotten by most people. Passenger usage has apparently doubled since privatisation. We weren't contemplating massive reductions then, and we shouldn't let the powers that beget away with doing so now, if things drop back a bit.
The costs have increased massively as well, so despite increased passenger numbers subsidies are much higher than at privatisation. And those increasing passenger numbers have often come with more frequent services - there are massive reductions which can be made just to return to the service levels of 10 or 20 years ago.
Also, whilst passenger numbers may have been increasing on the national rail network, the same cannot be said for buses or for many light rail systems.