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Railpolitik: The Financial Realities of Operating Britain's National Railways

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  • Jean Shaoul

Abstract

This article analyses the context and financial performance of Britain's national railways under private ownership in the first half of the 20th century and public ownership in the second half of the century, in order to understand the problems confronting the railways and the implications for privatization. The evidence shows that Railtrack's collapse was inevitable: it is impossible for the railway industry to generate the revenue to cover the full cost of the infrastructure and services, including the financial claims of the providers of capital, without jeopardizing network performance. Privatization could not resolve the external constraints and the consequent financial problems. The final section considers the implications of this analysis for the future of the industry.

Suggested Citation

  • Jean Shaoul, 2004. "Railpolitik: The Financial Realities of Operating Britain's National Railways," Public Money & Management, Taylor & Francis Journals, vol. 24(1), pages 27-36.
    • Handle: RePEc:taf:pubmmg:v:24:y:2004:i:1:p:27-36
    DOI: 10.1111/j.1467-9302.2004.00390.x
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    Cited by:

    1. Oliver Lewis & Avner Offer, 2021. "Railways as Patient Capital," Oxford Economic and Social History Working Papers _195, University of Oxford, Department of Economics.
    2. Khadaroo, Iqbal, 2008. "The actual evaluation of school PFI bids for value for money in the UK public sector," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 19(8), pages 1321-1345.
    3. Haines-Doran, Tom, 2022. "Critical accounting scholarship and social movements: The case of rail privatisation in Britain," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 86(C).
    4. Jupe, Robert & Funnell, Warwick, 2015. "Neoliberalism, consultants and the privatisation of public policy formulation: The case of Britain's rail industry," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 29(C), pages 65-85.
    5. Robert Jupe, 2005. "The Future of Rail? An Evaluation of the 2004 Railway Industry White Paper," Public Money & Management, Taylor & Francis Journals, vol. 25(3), pages 187-194, June.
    6. Graeme A. Hodge & Carsten Greve, 2009. "PPPs: THE PASSAGE OF TIME PERMITS A SOBER REFLECTION," Economic Affairs, Wiley Blackwell, vol. 29(1), pages 33-39, March.
    7. Jim Steer, 2005. "Rail as the Way Forward," Public Money & Management, Taylor & Francis Journals, vol. 25(3), pages 163-170, June.
    8. Jupe, Robert, 2009. "A “fresh start” or the “worst of all worlds”? A critical financial analysis of the performance and regulation of Network Rail in Britain’s privatised railway system," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 20(2), pages 175-204.
    9. McCartney, Sean & Stittle, John, 2012. "‘Engines of Extravagance’: The privatised British railway rolling stock industry," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 23(2), pages 153-167.
    10. McCartney, S. & Stittle, J., 2017. "‘A Very Costly Industry’: The cost of Britain’s privatised railway," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 49(C), pages 1-17.

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