A lot to consider here. In one part of the spectrum, the viability of the railway in whole ; in another the quantity and value of 'announcements'; many matters all important. A government with 'varying' degrees of trust.
What is the railway for? Covid has brought a lot of underlying amd persistent 'issues' to the fore. It's a bit like 'Beeching' for today and tomorrow. I'm starting here from a BIG PICTURE view.
The railway is best at moving large numbers of people (and similarly freight) quickly over large distances; also for travel into densely congested urban centres. Much as the 1960s but busier.
Having stock (and staffing) to cope with peaks, and less so but relatedly troughs creates problems, eg Castlefield, storage sidings.
Whereas 'business' may like the idea of a return to 'old normal' commuting with folk buying their expensive lattes and prets, a lot of those erstwhile commuters, and their 'estate' and 'performance' managers have found virtue in working from home (WFH).
So, I suggest a serious propoganda exercise, going with the flow, to encourage WFH with occasional trips into 'the office' for socialisation and meetings where f2f is important and valuable; more carnets and Oyster than season tickets. This should also reduce and spread the peaks. It should thus reduce stock requirements,'going forward'. Less travel = greener.
And a campaign to fill the residual empty seats- leisure travel, cheaper prices. I hesitate a little to suggest pricing by demand, but it works for holidays and e.g. Trainline.
At the same time investment in the future esp decarbonisation while there is 'slack' in the system.
It will still leave affordability and political will to be dealt with of course.