Oxford have announced 6 models as a start of their TT range

It's only a start ... will the range be fully replicated in 1:120?
However there were Corgi 1:120 buses produced for the London 2012 Olympics which could find their way onto a layout once repainted, a Routemaster and dual-door Enviro 400
I own an Enviro 400 which I bought cheaply when the Olympics ended
https://www.ebay.com/itm/274168534769

I bet there's a race on to identify which cheap "toy" diecast models are compatible with 1:120??

Some of the old Matchbox models were to around that scale. The catalogue used at one point to list the scales of all the models — they varied from 1:64 downwards. I've kept all the models I have, but unfortunately not the catalogue :-(

Here's such a list for the "regular wheels" Matchbox models (from 1953 up to ca. 1970 when low-friction "Superfast" wheels replaced the "regular" ones).

http://www.vintagebritishdiecasts.co.uk/forum/viewtopic.php?f=3&t=3916

I had an email this morning that these six items are ready to order. They have been made in conjunction with Hornby and they are using a variation of the Hornby TT branding
https://trk.klclick.com/ls/click?upn=bJ9hmnQFp3QQz2LXIIxWbU9S38EWGJS-2FpyXqRte0DiOXMZhTsEUI90LJ4ZqFI9zvVazcsVNTzMxTeK7YEtuCQlmBjNJSV5P68kqB0CJ90ajgVLwffp0KjK-2BvO3JTiqAglxBIOipMMeFydaAJqVCPornFKwQXDLDByCH5m2vnLQfLlh4ULm5oJB-2BeB04nMcr0hpqvIXaDxGzom9WOrg0dKA-3D-3DwaLc_R0PzylMRMsH7-2FZn1-2B5RjuTXdOVTvSk5Ip1ZFuigh3TpAl-2FmJeQ9lNY0QGoh2ViDwh4Sf0a5KIUj6koQo8-2Blygcpc6h4Az3jJx-2FWSYepI8j-2Be0SDre7cpIvqS-2FO2g1v-2BD6FAUUfIzgQqF-2FuCgW9KKJjFsyPMdEJ2STQhBkUJQP0OZhR-2BM8r7LFWWBqI-2BBG1Jn4dLyMHPQZ5MGrMhV-2FsAqoCPr7Au2u9xXC8R1Uhi62VQ6UBv1-2FZ8qpnUKlrizOtjhqkESKeZU4hBHkryNKVqV-2FmHr0gWtvx61Kf0RkLaJWWEocZWiZlvR5dcdJdrUjqhzsWQb8UL12P-2BuwX-2FtbUOqBt5JKB0hiDLNzVh-2BxQbq1z1RCyt9syp7vJ2JWg1kkAg4crjt46v9VCQo6cwL1Yg-2B-2Fa3ou3GEFyCxL4sACfbpn-2Fvr6tUxJAWsq03WCbi9Vrx5