Privatizing British Railways : Are There Lessons for the World Bank and its Borrowers?
The privatization of British Railways (BR) has been deeply controversial. Having concluded that the old BR had run out of financial and managerial steam, the Conservative Government of John Major embarked in 1992 on a radical reform program involvi...
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| Format: | Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2004/09/6364923/privatizing-british-railways-lessons-world-bank-borrowers http://hdl.handle.net/10986/17407 |
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okr-10986-174072021-04-23T14:03:36Z Privatizing British Railways : Are There Lessons for the World Bank and its Borrowers? Thompson, Louis S. ACCIDENTS ASSET MANAGEMENT ASSET SALES CAPITAL INVESTMENT COACHES COMMUTERS COMPETITIVE CONGESTION CORRIDOR DEBT DRIVERS ECONOMIC GROWTH ELECTRIC POWER ELECTRIC POWER COMPANIES ELECTRICITY ENERGY SUPPLY FARES FATALITIES FINANCIAL REPORTING FRANCHISE PERIOD FREIGHT FREIGHT OPERATING COMPANIES FREIGHT OPERATIONS FREIGHT OPERATOR FREIGHT OPERATORS FREIGHT SERVICES FREIGHT TRAFFIC FREIGHT TRAINS HAULAGE HIGHWAYS INCOME INDEPENDENT REGULATOR INFRASTRUCTURE MAINTENANCE LEASES LEASING LICENSES LOCOMOTIVES MAINTENANCE CONTRACTS NETWORK CONGESTION PASSENGER PASSENGER RAIL PASSENGER SERVICES PASSENGER TRAINS PERFORMANCE TARGETS PORTS PRIVATE OPERATORS PRIVATE SECTOR PRIVATIZATION PRODUCTIVITY PSO PUBLIC PUBLIC OFFERING PUBLIC POLICY PUBLIC SECTOR PUBLIC SERVICE PUBLIC SERVICE OBLIGATION RAIL RAIL COMPETITION RAIL FRANCHISING RAIL FREIGHT RAIL NETWORK RAIL OPERATIONS RAIL REGULATOR RAIL SAFETY RAIL SECTOR RAIL SERVICES RAIL SYSTEM RAIL TRAFFIC RAILROAD RAILS RAILTRACK RAILWAY RAILWAY ACTIVITY RAILWAY INDUSTRY RAILWAY MANAGEMENT RAILWAY RESTRUCTURING RAILWAY SYSTEM RAILWAYS REFORM PROGRAMS REGULATORS REGULATORY PROBLEMS ROLLING STOCK SERVICE QUALITY SERVICES SOCIAL SERVICES SOUNDING SUBSIDIARIES SUBSIDIARY TOTAL COSTS TRACK TRACK RENEWAL TRACKS TRAFFIC GROWTH TRAIN OPERATING COMPANIES TRAINS TRANSPORT TRANSPORT SECTOR TRIPS The privatization of British Railways (BR) has been deeply controversial. Having concluded that the old BR had run out of financial and managerial steam, the Conservative Government of John Major embarked in 1992 on a radical reform program involving the breakup of the formerly unitary system into over a hundred parts and their subsequent privatization. The Bank's railway borrowers often react to the British experience (and the similar policies in the European Union requiring infrastructure separation) by arguing either that the situation in the U.K. was so particular that it has little application anywhere else, or by asserting that the U.K experience was a "failure" and should be ignored: this report argues that neither assertion is true. Though the assertions are convenient, governments cannot ignore their railways for all the reasons outlined in a long series of World Bank reports on railway restructuring. Aside from the sheer financial and economic burden of an inefficient railway, the non-market benefits of rail services in urban transport, in relieving highway congestion and pollution management, and in accident reduction, mandate government intervention if they are to be maximized. Accepting the specifics of the U.K. conditions, and with the acknowledged benefit of hindsight, this report aims to draw some useful conclusions. In short, both restructuring and private sector involvement remain viable options; but, neither is a panacea and implementing either requires care. 2014-03-26T17:39:50Z 2014-03-26T17:39:50Z 2004-09 http://documents.worldbank.org/curated/en/2004/09/6364923/privatizing-british-railways-lessons-world-bank-borrowers http://hdl.handle.net/10986/17407 English en_US Transport Papers series;no. TP-2 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Working Paper Publications & Research Europe and Central Asia United Kingdom |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCIDENTS ASSET MANAGEMENT ASSET SALES CAPITAL INVESTMENT COACHES COMMUTERS COMPETITIVE CONGESTION CORRIDOR DEBT DRIVERS ECONOMIC GROWTH ELECTRIC POWER ELECTRIC POWER COMPANIES ELECTRICITY ENERGY SUPPLY FARES FATALITIES FINANCIAL REPORTING FRANCHISE PERIOD FREIGHT FREIGHT OPERATING COMPANIES FREIGHT OPERATIONS FREIGHT OPERATOR FREIGHT OPERATORS FREIGHT SERVICES FREIGHT TRAFFIC FREIGHT TRAINS HAULAGE HIGHWAYS INCOME INDEPENDENT REGULATOR INFRASTRUCTURE MAINTENANCE LEASES LEASING LICENSES LOCOMOTIVES MAINTENANCE CONTRACTS NETWORK CONGESTION PASSENGER PASSENGER RAIL PASSENGER SERVICES PASSENGER TRAINS PERFORMANCE TARGETS PORTS PRIVATE OPERATORS PRIVATE SECTOR PRIVATIZATION PRODUCTIVITY PSO PUBLIC PUBLIC OFFERING PUBLIC POLICY PUBLIC SECTOR PUBLIC SERVICE PUBLIC SERVICE OBLIGATION RAIL RAIL COMPETITION RAIL FRANCHISING RAIL FREIGHT RAIL NETWORK RAIL OPERATIONS RAIL REGULATOR RAIL SAFETY RAIL SECTOR RAIL SERVICES RAIL SYSTEM RAIL TRAFFIC RAILROAD RAILS RAILTRACK RAILWAY RAILWAY ACTIVITY RAILWAY INDUSTRY RAILWAY MANAGEMENT RAILWAY RESTRUCTURING RAILWAY SYSTEM RAILWAYS REFORM PROGRAMS REGULATORS REGULATORY PROBLEMS ROLLING STOCK SERVICE QUALITY SERVICES SOCIAL SERVICES SOUNDING SUBSIDIARIES SUBSIDIARY TOTAL COSTS TRACK TRACK RENEWAL TRACKS TRAFFIC GROWTH TRAIN OPERATING COMPANIES TRAINS TRANSPORT TRANSPORT SECTOR TRIPS |
| spellingShingle |
ACCIDENTS ASSET MANAGEMENT ASSET SALES CAPITAL INVESTMENT COACHES COMMUTERS COMPETITIVE CONGESTION CORRIDOR DEBT DRIVERS ECONOMIC GROWTH ELECTRIC POWER ELECTRIC POWER COMPANIES ELECTRICITY ENERGY SUPPLY FARES FATALITIES FINANCIAL REPORTING FRANCHISE PERIOD FREIGHT FREIGHT OPERATING COMPANIES FREIGHT OPERATIONS FREIGHT OPERATOR FREIGHT OPERATORS FREIGHT SERVICES FREIGHT TRAFFIC FREIGHT TRAINS HAULAGE HIGHWAYS INCOME INDEPENDENT REGULATOR INFRASTRUCTURE MAINTENANCE LEASES LEASING LICENSES LOCOMOTIVES MAINTENANCE CONTRACTS NETWORK CONGESTION PASSENGER PASSENGER RAIL PASSENGER SERVICES PASSENGER TRAINS PERFORMANCE TARGETS PORTS PRIVATE OPERATORS PRIVATE SECTOR PRIVATIZATION PRODUCTIVITY PSO PUBLIC PUBLIC OFFERING PUBLIC POLICY PUBLIC SECTOR PUBLIC SERVICE PUBLIC SERVICE OBLIGATION RAIL RAIL COMPETITION RAIL FRANCHISING RAIL FREIGHT RAIL NETWORK RAIL OPERATIONS RAIL REGULATOR RAIL SAFETY RAIL SECTOR RAIL SERVICES RAIL SYSTEM RAIL TRAFFIC RAILROAD RAILS RAILTRACK RAILWAY RAILWAY ACTIVITY RAILWAY INDUSTRY RAILWAY MANAGEMENT RAILWAY RESTRUCTURING RAILWAY SYSTEM RAILWAYS REFORM PROGRAMS REGULATORS REGULATORY PROBLEMS ROLLING STOCK SERVICE QUALITY SERVICES SOCIAL SERVICES SOUNDING SUBSIDIARIES SUBSIDIARY TOTAL COSTS TRACK TRACK RENEWAL TRACKS TRAFFIC GROWTH TRAIN OPERATING COMPANIES TRAINS TRANSPORT TRANSPORT SECTOR TRIPS Thompson, Louis S. Privatizing British Railways : Are There Lessons for the World Bank and its Borrowers? |
| geographic_facet |
Europe and Central Asia United Kingdom |
| relation |
Transport Papers series;no. TP-2 |
| description |
The privatization of British Railways
(BR) has been deeply controversial. Having concluded that
the old BR had run out of financial and managerial steam,
the Conservative Government of John Major embarked in 1992
on a radical reform program involving the breakup of the
formerly unitary system into over a hundred parts and their
subsequent privatization. The Bank's railway borrowers
often react to the British experience (and the similar
policies in the European Union requiring infrastructure
separation) by arguing either that the situation in the U.K.
was so particular that it has little application anywhere
else, or by asserting that the U.K experience was a
"failure" and should be ignored: this report
argues that neither assertion is true. Though the assertions
are convenient, governments cannot ignore their railways for
all the reasons outlined in a long series of World Bank
reports on railway restructuring. Aside from the sheer
financial and economic burden of an inefficient railway, the
non-market benefits of rail services in urban transport, in
relieving highway congestion and pollution management, and
in accident reduction, mandate government intervention if
they are to be maximized. Accepting the specifics of the
U.K. conditions, and with the acknowledged benefit of
hindsight, this report aims to draw some useful conclusions.
In short, both restructuring and private sector involvement
remain viable options; but, neither is a panacea and
implementing either requires care. |
| format |
Publications & Research :: Working Paper |
| author |
Thompson, Louis S. |
| author_facet |
Thompson, Louis S. |
| author_sort |
Thompson, Louis S. |
| title |
Privatizing British Railways : Are There Lessons for the World Bank and its Borrowers? |
| title_short |
Privatizing British Railways : Are There Lessons for the World Bank and its Borrowers? |
| title_full |
Privatizing British Railways : Are There Lessons for the World Bank and its Borrowers? |
| title_fullStr |
Privatizing British Railways : Are There Lessons for the World Bank and its Borrowers? |
| title_full_unstemmed |
Privatizing British Railways : Are There Lessons for the World Bank and its Borrowers? |
| title_sort |
privatizing british railways : are there lessons for the world bank and its borrowers? |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2004/09/6364923/privatizing-british-railways-lessons-world-bank-borrowers http://hdl.handle.net/10986/17407 |
| _version_ |
1764436570169933824 |