The Privatisation of the UK Railway Industry: An Experiment in Railway Structure

Richard Wellings

Economic Affairs, 2014, vol. 34, issue 2, 255-266

Abstract: The British rail network was privatised in the mid- to late 1990s. However, the sector was heavily regulated and not permitted to evolve according to market processes. Indeed, the government imposed a complex and fragmented structure on the industry which ran counter to traditional railway practices. As a consequence, economies of scale and scope were lost, while transaction costs were increased. There was a negative impact on costs and safety. Given the disappointing outcomes, there is a strong case for reforming the sector by facilitating the development of a privately owned and vertically integrated rail system.

Date: 2014
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