My Lords, I draw attention to my interests as set out in the register. I welcome the Williams report, but we should recognise the very great changes that were brought about by privatisation. Up until 1992, the number of people using our railways was 700 million. In 2019, it was 1.9 billion. That was a tremendous success, which was partly brought about by engaging with the private sector so that we got better services across our railway network. While I accept the necessary changes that the Secretary of State and my noble friend have set out, will my noble friend also acknowledge the very important part played by the private sector, and will she say that the private sector will be very much seen as partners in the way forward?