"Privatisation means that hundreds of millions are being syphoned out of the industry in profits by operators in return for very little risk. You do not have to be a card-carrying member of the Communist party to question a franchising system that is based on train operators bidding for lucrative contracts with the only risk being that if they guess wrongly, as happened with Sea Containers' GNER contract, they have to throw the towel in at very little cost."
You can read the rest of Christian Wolmar's piece on the disastrous consequences of railway privatisation here.
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