UK rail privatisation five years down the line: an evaluation of nine policy objectives

The United Kingdom has pioneered privatisation and deregulation into previo usly monopolistic industries. This article evaluates the results of the gov ernment's policy with regard to market design, regulation and ownership of one of the last sectors affected: the British railways. Reviewing the first five years of the privatised regime from 1994/95 to 1999/2000 this article shows that out of nine objectives forwarded by policy makers at the outset of the programme only one has actually been achieved. While four objective s have been partially met, another four have not been accomplished at all - a track record which can be improved, it is argued, once the ownership of the rail infrastructure has been transferred back into the hands of the pub lic.