‘Taken for a Ride’: The Privatization of the UK Railway Rolling Stock Industry

Sean McCartney and John Stittle

Public Money & Management, 2008, vol. 28, issue 2, 93-100

Abstract: The three UK rolling stock companies (ROSCOs) are a product of the privatization of the railway industry in the 1990s. As the UK approaches the 25th anniversary of the first privatization of a state-owned industry (telecommunications), this article evaluates the background and the structure of the ROSCO privatization sales. The authors show that the privatization of the UK's rolling stock industry was a significant triumph of political expediency over sound governmental financial policy. The ROSCOs have attracted relatively little attention, yet nowhere else have the flaws in the privatization process become more apparent.

Date: 2008
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DOI: 10.1111/j.1467-9302.2008.00627.x

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