I agree with most people here, when I say public control, whether or not they are publicly owned. I like lws1984 suggestion to retain the regional liveries too.
Railways are damn expensive, i mean they are seriously damn expensive... not all of them are that great either, there's no point in keeping romantic lines open for the sake of it if land use patterns have changed since they were built.
I'm with orudge on the motorway bus lanes, sounds great in theory but their use couldn't possibly justify it. Although the M4 one, was the result of technical work that suggested traffic flow would actually be improved by shutting one lane, the bus lane was an after thought as an alternative to just leaving a bit bit of empty concrete.
Buses, these are the way to go. Decent, cheap buses, they are so cost effective. Trams are rarely cost effective except in large dense metropolitan areas i'm afraid.
Better use of the railways for cargo would be near the top of my list, many lines loading gauges are limited by even a single bridge or two.
I could rant all day but:
- Public control of bus and train services
- High speed network, with some selective closures (yes i know that's what beeching did, i'd do it better though

)
- Very few Trams
- Freight on Rail
- Improvements to roads, but crappy local bypasses are expensive and encourage sprawl.
Fundermentally, the planning system needs to stop sprawl and integrate transport within its every action.