Personally, I'd axe it in most cases. But that's my political/economic ideology talking.
I see peak fares as a demand management tool - increasing prices to reduce demand on the busiest services. The problem is that is that generic blocks of time don't always correlate with demand. So somebody travelling on a quieter friday AM service has to pay peak fares, whereas someone travelling on a packed mid-afternoon before a weekend football game gets to benefit from lower fares. Is that fair?
The LNER trial system addresses this by pricing based on actual demand, not a pre-determined assumption. It doesn't seem to work perfectly, but the principle is that it works on a train-by-train basis and not just by targeting a generic block of services.
I'm intrigued why most people here seem to support peak fares but are strongly against extending the same principles to off-peak.
Well, quite. Peak fares are seen as that, I'm not convinced it works very well in all honesty. If it was really a good system, then why reduce peak capacity after Covid? Because demand fell. So if demand fell, what's the need for the demand management? On many routes, not all, but many, there is no need for it. It's fleeing passengers.
No only that, but you're then ripping people off travelling against the peak flow on pretty empty trains. If you want to manage demand, then here it should be managed to increase passengers, not further reduce numbers on empty trains and force potential passengers onto the roads.
In my view, dynamic pricing off peak goes against what a public rail service should be in all honesty. I hate it. I can understand it on HSR with limited seating, but this is the ECML, not HS2. People should be able to travel and affordably so when they want to. I'll happily stand to Newcastle for an affordable fare than get priced off it.