The survey was about LNER. LNER only charge a multiplier of 1.7 on First Class for a London to Edinburgh Off Peak Return. You go around saying in any thread you like that a) you almost always travel with Off Peak Returns because you can use them very flexibly and that you like to buy them right before you get on the train to give you security and b) that you think between 1.3 and 1.8 is the right multiplier for First Class. I guess when the price is £410 though you don't put your money where your mouth is on that?
LNER's Off Peaks don't count, because they are the conversion of the Business Saver fares, not the old Savers, and therefore are too expensive for me to start with. For LNER, there'd need to be a First Super Off Peak to be equivalent to the situation over here on the West Coast, where the Off Peak is the old Saver, and the Super Off Peak is a deep discount ticket with very restricted availability.
Most First Anytime tickets are similarly around that multiplier, but Standard Anytime fares are too expensive so I simply don't travel at those times out of my own pocket - if I have to travel at those times I drive.
(I'd say the same for LNR/WMT but for the fact that I will not pay
any additional fare, not even £0.01, for so-called "First Class" that is markedly inferior to the Standard accommodation on the same train - indeed if for any reason a First Class ticket was cheaper than a Standard one on a LNR journey on a 350/1 or 350/3 I would still travel in Standard provided it wasn't rammed).
Only LNR are making a genuine go of it, and that is only really by accident
Sort of. The LM franchise agreement required an hourly Trent Valley local service to be operated (two-hourly on Sundays) but this could have been a self-contained Northampton to Crewe service. LM decided they would go rather further than this by way of the low-cost long-distance approach, and those extended and much-expanded services were to all intents and purposes Open Access. (It's been referred to as pseudo-Open Access on here before - it isn't *actually* that, but it was a TOC going far, far beyond their franchise agreement because it was highly profitable to do so).
What it
isn't is the classic low-cost-airline model - for instance, while there
are Advances, and where they exist they are dirt-cheap, the model is primarily based on cheap walk-up fares. If anything it's more like Laker Airlines was than Ryanair or whatever. Of course the reason this works is that the train doesn't get full as such, so if more people want to go at a certain time they can still sell them tickets and cram them on.