I agree that nationalisation is not on the cards, for any number of reasons. For what it’s worth, my view is that some sort of public service obligation would be the only way to rein in the rampant profiteering of Wightlink and Red Funnel by imposing limits on fares and ensuring services run at times to meet ithe island’s needs. This has worked for buses in London and is now being applied elsewhere. Some subsidy might be required, but still modest compared with the public funds going into other transport modes.
As for the argument that ‘you knew it was an island when you moved there, put up with it’, I would make two points. Firstly, most people on the island had no choice, they were born here. And secondly, fares have risen, and services declined, much more than anyone could have expected. I have a Wightlink leaflet from 1992 - a 3 day return from Fishbourne to Portsmouth with car at this time of year cost £27.50. Booking today would cost £156. In summer the disparity is even greater, with returns well north of £200. When I moved here, it was possible to have an evening out by train in London and still return to the island. Not now. So I suggest our complants are quite justified.