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85-398: Railfreight Distribution was a sub-sector of British Rail , created by the division in 1987 of British Rail's previous Railfreight sector. It was responsible for non-trainload freight operations, as well as Freightliner and Intermodal services. In its early years, the division was occasionally referred to as Speedlink Distribution . It was later responsible for freight operations through

170-461: A " Whites only " recruitment policy for guards at Euston station agreed between the local union branch and station management was dropped after the case of Asquith Xavier , a migrant from Dominica , who had been refused promotion on those grounds, was raised in Parliament and taken up by the then Secretary of State for Transport, Barbara Castle . Passenger levels decreased steadily from 1962 to

255-521: A "network for development"; the fate of the rest of the network was not discussed in the report. The basis for calculating passenger fares changed in 1964. In future, fares on some routes—such as rural, holiday and commuter services—would be set at a higher level than on other routes; previously, fares had been calculated using a simple rate for the distance travelled, which at the time was 3 d per mile second class, and 4½d per mile first class (equivalent to £0.32 and £0.48 respectively, in 2023 ). In 1966,

340-479: A Corporate Identity Manual which established a coherent brand and design standard for the whole organisation, specifying Rail Blue and pearl grey as the standard colour scheme for all rolling stock; Rail Alphabet as the standard corporate typeface, designed by Jock Kinneir and Margaret Calvert ; and introducing the now-iconic corporate Identity Symbol of the Double Arrow logo. Designed by Gerald Barney (also of

425-411: A committee chaired by Sir David Serpell was published in 1983. The Serpell Report made no recommendations as such but did set out various options for the network, including, at their most extreme, a skeletal system of less than 2,000   route   km (1,240   miles). The report was received with hostility within several circles, which included figures within the government, as well as amongst

510-437: A grander logo for the railways. BR's second corporate logo (1956–1965), designed in consultation with Charles Franklyn and inspired by the much more detailed BTC crest, depicted a rampant lion emerging from a heraldic crown and holding a spoked wheel, all enclosed in a roundel with the "British Railways" name displayed across a bar on either side. This emblem soon acquired the nickname of the "Ferret and Dartboard". A variant of

595-414: A lack of standardisation. At the same time, containerised freight was being developed. The marshalling yard building programme was a failure, being based on a belief in the continued viability of wagon-load traffic in the face of increasingly effective road competition, and lacking effective forward planning or realistic assessments of future freight. A 2002 documentary broadcast on BBC Radio 4 blamed

680-571: A new livery of two-tone grey similar to those adopted by the Trainload Freight and Railfreight General sub-sectors, with a logo consisting of two red diamonds on a yellow background offset on top of a red square. In 1992 in anticipation of the opening of the Channel Tunnel, the livery was revised to the 'European' version with a dark grey upper bodyside, a light grey lower bodyside, a blue coloured roof and 'Railfreight Distribution' lettering on

765-470: A platform of revising many of the cuts, Tom Fraser instead authorised the closure 1,071 mi of railway lines, following the recommendations from the Beeching Report even lines not considered closing. After he resigned in 1967, his replacement Barbara Castle continued the line and station closures but introduced the first Government rail subsidies for socially necessary but unprofitable railways in

850-722: A private heritage railway. Other preserved lines, or heritage railways , have reopened lines previously closed by British Rail. These range from picturesque rural branch lines like the Keighley and Worth Valley Railway to sections of mainline such as the Great Central Railway . Many have links to the National Rail network, both at station interchanges, for example, the Severn Valley Railway between Kidderminster and Kidderminster Town , and physical rail connections like

935-546: A process of dieselisation and electrification to take place; accordingly, steam locomotives had been entirely replaced by diesel and electric traction (except for the narrow-gauge Vale of Rheidol Railway tourist line) by 1968. On 1 January 1963, the British Railways Board was created to manage the railways as a successor to the British Transport Commission. It was during the 1960s that perhaps

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1020-454: A programme of closures began almost immediately after nationalisation. However, the general financial position of BR became gradually poorer until an operating loss was recorded in 1955. The Executive itself had been abolished in 1953 by the Conservative government, and control of BR transferred to the parent Commission. Other changes to the British Transport Commission at the same time included

1105-661: A public objective. For that reason, SOEs primarily operate in the domain of infrastructure (e.g., railway companies), strategic goods and services (e.g., postal services, arms manufacturing and procurement), natural resources and energy (e.g., nuclear facilities, alternative energy delivery), politically sensitive business, broadcasting, banking, demerit goods (e.g., alcoholic beverages ), and merit goods (healthcare). SOEs can also help foster industries that are "considered economically desirable and that would otherwise not be developed through private investments". When nascent or 'infant' industries have difficulty getting investments from

1190-489: A regular enterprise, state-owned enterprises are typically expected to be less efficient due to political interference, but unlike profit-driven enterprises they are more likely to focus on government objectives. In Eastern Europe and Western Europe , there was a massive nationalization throughout the 20th century, especially after World War II . In the Eastern Bloc , countries adopted very similar policies and models to

1275-481: A single Class 87 (87101), a fleet of Class 90s , and Class 92s , most of which were in store awaiting acceptance. Some of these were owned by European Passenger Services and SNCF and these were operated as a common user pool. The fleet was primarily based at Tinsley and Crewe Electric Depots at the time of privatisation, although many other depots were utilised during Railfreight Distribution's existence, mainly for shunting locomotives . In 1987, it introduced

1360-468: A working railway, in 1948 the line was principally a tourist attraction . British Rail operated the line using steam locomotives long after the withdrawal of standard-gauge steam. The line's three steam locomotives were the only ones to receive TOPS serial numbers and be painted in BR Rail Blue livery with the double arrow logo. The Vale of Rheidol Railway was privatised in 1989 and continues to operate as

1445-533: A year later when the BTC was abolished the name of the force was amended to the British Transport Police. This name and its role within policing on the rail network was continued post-1994. Despite its nationalisation in 1947 "as one of the 'commanding heights' of the economy", according to some sources British Rail was not profitable for most (if not all) of its history. Newspapers reported that as recently as

1530-648: Is a stub . You can help Misplaced Pages by expanding it . British Rail British Railways ( BR ), which from 1965 traded as British Rail , was a state-owned company that operated most rail transport in Great Britain from 1948 to 1997. Originally a trading brand of the Railway Executive of the British Transport Commission , it became an independent statutory corporation in January 1963, when it

1615-562: Is a viable argument for SOEs is debated. SOEs are also frequently employed in areas where the government wants to levy user fees , but finds it politically difficult to introduce new taxation. Next, SOEs can be used to improve efficiency of public service delivery or as a step towards (partial) privatization or hybridization. SOEs can also be a means to alleviate fiscal stress, as SOEs may not count towards states' budgets. Compared to government bureaucracy, state owned enterprises might be beneficial because they reduce politicians' influence over

1700-753: Is approximately 70% of total employment. State-owned enterprises are thus a major factor behind Belarus's high employment rate and a source of stable employment. In most OPEC countries, the governments own the oil companies operating on their soil. A notable example is the Saudi Arabian national oil company , Saudi Aramco , which the Saudi government bought in 1988, changing its name from Arabian American Oil Company to Saudi Arabian Oil Company. The Saudi government also owns and operates Saudi Arabian Airlines , and owns 70% of SABIC as well as many other companies. China's state-owned enterprises are owned and managed by

1785-542: Is debatable what the term "state" implies (e.g., it is unclear whether municipally owned corporations and enterprises held by regional public bodies are considered state-owned). Next, it is contestable under what circumstances a SOE qualifies as "owned" by a state (SOEs can be fully owned or partially owned; it is difficult to determine categorically what level of state ownership would qualify an entity to be considered as state-owned since governments can also own regular stock , without implying any special interference). Finally,

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1870-602: Is highlighted in the predominant local terminology, with SOEs in Canada referred to as a " Crown corporation ", and in New Zealand as a " Crown entity ". The term " government-linked company " (GLC) is sometimes used, for example in Malaysia , to refer to private or public (listed on a stock exchange) corporate entities in which the government acquires a stake using a holding company . The two main definitions of GLCs are dependent on

1955-593: The Channel Tunnel , which it would be responsible for conveying freight trains through, in cooperation with French train operator SNCF . Lessons learned from the elimination of wagonload operations created a push to emphasise and expand long-distance trips, such as Freightliner container traffic from ports in Felixstowe , Southampton , and London Thamesport . This push also would position Railfreight Distribution for an expected increase in freight traffic from Europe with

2040-675: The Channel Tunnel . In the 1980s, freight traffic on the railway was in decline, due to a mixture of increased competition from road transport , a shrinking network that had reduced rail's reach and a decline in the domestic manufacturing industry, reducing internal demands for raw materials and transport of finished product for export. By the late 1980s, British Rail In October 1988, took three troublesome divisions of their freight operations; Speedlink ( wagonload ), Freightliner ( Container ), Railfreight International (International traffic) and merged them into one entity, Railfreight Distribution. In 1991, following multiple years of losses, Speedlink

2125-664: The London and North Eastern Railway (LNER) and the Southern Railway (SR). During World War I , the railways were under state control, which continued until 1921. Complete nationalisation had been considered, and the Railways Act 1921 is sometimes considered as a precursor to that, but the concept was rejected. Nationalisation was subsequently carried out after World War II , under the Transport Act 1947 . This Act made provision for

2210-598: The Oxfordshire Ironstone Railway . The London Underground also became publicly owned, becoming the London Transport Executive of the British Transport Commission. The Bicester Military Railway was already run by the government. The electric Liverpool Overhead Railway was also excluded from nationalisation . The Railway Executive was conscious that some lines on the (then very dense) network were unprofitable and hard to justify socially, and

2295-503: The Railway Executive . The Executive attempted to introduce a modern Art Deco -style curved logo, which could also serve as the standard for station signage totems. BR eventually adopted the common branding of the BTC as its first corporate logo, a lion astride a spoked wheel, designed for the BTC by Cecil Thomas ; on the bar overlaid across the wheel, the BTC's name was replaced with the words "British Railways". This logo, nicknamed

2380-562: The Secretary of State for Transport , and is now employed as a generic symbol on street signs in Great Britain denoting railway stations. The rail transport system in Great Britain developed during the 19th century. After the grouping of 1923 under the Railways Act 1921 , there were four large railway companies, each dominating its own geographic area: the Great Western Railway (GWR), the London, Midland and Scottish Railway (LMS),

2465-703: The State-owned Asset Supervision and Administration Commission (SASAC) . China's state-owned enterprises generally own and operate public services, resource extraction or defense. As of 2017 , China has more SOEs than any other country, and the most SOEs among large national companies. China's SOEs perform functions such as: contributing to central and local governments revenues through dividends and taxes, supporting urban employment, keeping key input prices low, channeling capital towards targeted industries and technologies, supporting sub-national redistribution to poorer interior and western provinces, and aiding

2550-417: The Transport Act 1968 . Part of these provisions was the creation of a passenger transport executive or PTE within larger metropolitan areas. Prior to this, public transport was run by individual local authorities and private companies, with little co-ordination. The PTEs took over the responsibility (but not ownership) of managing local rail networks. The 1968 Act created five new bodies. These were: This

2635-479: The Watercress Line at Alton . Although most are operated solely as leisure amenities, some also provide educational resources, and a few have ambitions to restore commercial services over routes abandoned by the nationalised industry. State-owned company The terminology around the term state-owned enterprise is murky. All three words in the term are challenged and subject to interpretation. First, it

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2720-590: The "Cycling Lion", was applied from 1948 to 1956 to the sides of locomotives, while the ‘hot dog’ design was adopted for smaller station name signs, known officially as ‘lamp tablets’ and coloured for the appropriate BR region, using Gill Sans lettering first adopted by the LNER from 1929. In 1956, the BTC was granted a heraldic achievement by the College of Arms and the Lord Lyon , and then BTC chairman Brian Robertson wanted

2805-401: The 1950s decisions for the "beleaguered" condition of the railway system at that time. During the late 1950s, railway finances continued to worsen; whilst passenger numbers grew after restoring many services reduced during the war, and in 1959 the government stepped in, limiting the amount the BTC could spend without ministerial authority. A White Paper proposing reorganisation was published in

2890-534: The 1955 programme (costing £1.2 billion), but did so largely for political reasons. This included the withdrawal of steam traction and its replacement by diesel (and some electric) locomotives. Not all modernisations would be effective at reducing costs. The dieselisation programme gave contracts primarily to British suppliers, who had limited experience of diesel locomotive manufacture, and rushed commissioning based on an expectation of rapid electrification; this resulted in numbers of locomotives with poor designs and

2975-598: The 1980s and 1990s, the British Government directed the privatisation of British Rail . Following completion of the privatisation process in 1997, responsibility for track, signalling and stations was transferred to Railtrack (later brought under public control as Network Rail ) while services were run by a variety of train operating companies . At the end of the process, any remaining obligations of British Rail were transferred to BRB (Residuary) Limited . The British Rail Double Arrow logo remains in place, now owned by

3060-638: The 1990s, public rail subsidy was counted as profit; as early as 1961, British Railways were losing £300,000 a day. Although the company was considered the sole public-transport option in many rural areas, the Beeching cuts made buses the only public transport available in some rural areas. Despite increases in traffic congestion and road fuel prices beginning to rise in the 1990s, British Rail remained unprofitable. Following sectorisation, InterCity became profitable. InterCity became one of Britain's top 150 companies, providing city centre to city centre travel across

3145-424: The 7,000 stations would close. Beeching, who is thought to have been the author of most of the report, set out some dire figures. One third of the network was carrying just 1% of the traffic. Of the 18,000 passenger coaches, 6,000 were said to be used only 18 times a year or less. Although maintaining them cost between £3   million and £4   million a year, they earned only about £0.5   million. Most of

3230-756: The Beeching cuts a generation earlier but which had seen passenger services withdrawn. This included the bulk of the Chester and Connah's Quay Railway in 1992, the Brierley Hill to Walsall section of the South Staffordshire line in 1993, while the Birmingham to Wolverhampton section of the Great Western Railway was closed in three phases between 1972 and 1992. Following the election of Labour in 1964, on

3315-455: The DRU), this arrow device was formed of two interlocked arrows across two parallel lines, symbolising a double-track railway. It was likened to a bolt of lightning or barbed wire , and also acquired a nickname: "the arrow of indecision". A mirror image of the double arrow was used on the port side of BR-owned Sealink ferry funnels. The new BR corporate identity and double arrow were displayed at

3400-578: The Design Centre in London in early 1965, and the brand name of the organisation was shortened to "British Rail". It is now employed as a generic symbol on street signs in Great Britain denoting railway stations, and is still printed on railway tickets as part of the Rail Delivery Group 's jointly managed National Rail brand. The uniformity of BR branding continued until the process of sectorisation

3485-550: The Double Arrow symbol, which has survived to this day and serves as a generic trademark to denote railway services across Great Britain. The BR Corporate Identity Manual is noted as a piece of British design history and there are plans for it to be re-published. With its creation in 1948, British Railways was divided into regions which were initially based on the areas the former Big Four operated in; later, several lines were transferred between regions. Notably, these included

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3570-595: The London area; Provincial (renamed Regional Railways in 1989) responsible for all other passenger services. In the metropolitan counties local services were managed by the Passenger Transport Executives . Provincial was the most subsidised (per passenger km) of the three sectors; upon formation, its costs were four times its revenue . During the 1980s British Rail ran the Rail Riders membership club aimed at 5- to 15-year-olds. Because British Railways

3655-833: The Minister of Finance II, the Minister in the Prime Minister's Department in charge of the Economic Planning Unit, the Chief Secretary to the Government, Secretary General of Treasury and the heads of each of the GLICs (the Employees Provident Fund, Khazanah Nasional Berhad , Lembaga Tabung Angkatan Tentera (the armed forces pension fund), Lembaga Tabung Haji and Permodalan Nasional Berhad . Khazanah Nasional Berhad provided

3740-564: The UK using one of the machines was at Upminster station on 21 March 2007. Before the rail network was privatised, British Rail introduced several discount cards through the APTIS that were available to certain demographics, issued either by National or Regional schemes: The narrow-gauge Vale of Rheidol Railway in Ceredigion, Wales, became part of British Railways at nationalisation. Although built as

3825-1003: The USSR. Governments in Western Europe, both left and right of centre, saw state intervention as necessary to rebuild economies shattered by war. Government control over natural monopolies like industry was the norm. Typical sectors included telephones , electric power , fossil fuels , iron ore , railways , airlines , media , postal services , banks , and water . Many large industrial corporations were also nationalized or created as government corporations, including, among many others: British Steel Corporation , Equinor , and Águas de Portugal . A state-run enterprise may operate differently from an ordinary limited liability corporation. For example, in Finland, state-run enterprises ( liikelaitos ) are governed by separate laws. Even though responsible for their own finances, they cannot be declared bankrupt ;

3910-493: The bodyside. Also in 1992, three Class 90/1s, (90128, 90129 and 90130), were given "continental" liveries of NMBS/SNCB blue, Deutsche Bahn red and SNCF grey to mark the Freightconnection Conference. Each loco was named "Freightconnection" in the livery's appropriate language. These three Class 90s were later reverted to their original 90/0 configuration This United Kingdom rail transport related article

3995-512: The capable InterCity 125 and Sprinter sets, the introduction of which improved intercity and regional railways, respectively, as well as the unsuccessful Advanced Passenger Train (APT). Gradually, passengers replaced freight as the main source of business. From 1982, under sectorisation , the regions were gradually replaced by "business sectors", which were originally responsible for marketing and other commercial matters when they were first created but had taken over entirely by 1990. During

4080-544: The closures were carried out between 1963 and 1970 (including some which were not listed in the report), while other suggested closures were not carried out. The closures were heavily criticised at the time. A small number of stations and lines closed under the Beeching programme have been reopened, with further reopenings proposed. A second Beeching report, "The Development of the Major Trunk Routes", followed in 1965. This did not recommend closures as such but outlined

4165-500: The early 1970s. Tickets issued from British Rail's APTIS system had a considerable amount of information presented in a consistent, standard format. The design for all tickets was created by Colin Goodall . This format has formed the basis for all subsequent ticket issuing systems introduced on the railway network – ticket-office-based, self-service and conductor-operated machines alike. APTIS survived in widespread use for twenty years but, in

4250-487: The early 1990s): In addition, the non-passenger sectors were: The maintenance and remaining engineering works were split off into a new company, British Rail Maintenance Limited . The new sectors were further subdivided into divisions. This ended the BR blue period as new liveries were adopted gradually. Infrastructure remained the responsibility of the regions until the "Organisation for Quality" initiative in 1991 when this too

4335-488: The early 2000s, was largely replaced by more modern PC-based ticketing systems. Some APTIS machines in the Greater London area were modified as APTIS-ANT (with no obvious difference to the ticket issued) to make them Oyster card compatible. The last APTIS machines were removed at the end of 2006 as there was no option to upgrade them to accept Chip and PIN credit card payments. The last APTIS-ANT ticket to be issued in

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4420-402: The figures in both this and the original plan were produced for political reasons and not based on detailed analysis. The aim was to increase speed, reliability, safety, and line capacity through a series of measures that would make services more attractive to passengers and freight operators, thus recovering traffic lost to the roads. Important areas included: The government appeared to endorse

4505-466: The following year, and a new structure was brought into effect by the Transport Act 1962. This abolished the commission and replaced it by several separate boards. These included a British Railways Board, which took over on 1 January 1963. Following semi-secret discussions on railway finances by the government-appointed Stedeford Committee in 1961, one of its members, Dr Richard Beeching , was offered

4590-500: The form of Public Sector Undertakings (PSUs). The Malaysian government launched a GLC Transformation Programme for its linked companies and linked investment companies ("GLICs") on 29 July 2005, aiming over a ten-year period to transform these businesses "into high-performing entities". The Putrajaya Committee on GLC High Performance ("PCG"), which oversaw this programme, was chaired by the Prime Minister , and membership included

4675-709: The former Great Central lines from the Eastern Region to the London Midland Region, and the West of England Main Line from the Southern Region to Western Region The North Eastern Region was merged with the Eastern Region in 1967. In 1982, the regions were abolished as the service provider (but retained for administration) and replaced by "business sectors", a process known as sectorisation . The passenger sectors were (by

4760-616: The four old railway police forces, the London Transport Police, canal police and several minor dock forces. In 1957 the Maxwell-Johnson enquiry found that policing requirements for the railway could not be met by civil forces and that it was essential that a specialist police force be retained. On 1 January 1962, the British Transport Commission Police ceased to cover British Waterways property and exactly

4845-630: The go-ahead, including the East Coast Main Line , the spur from Doncaster to Leeds , and the lines in East Anglia out of London Liverpool Street to Norwich and King's Lynn . The list with approximate completion dates includes: In the Southwest, the South West Main Line from Bournemouth to Weymouth was electrified along with other infill 750 V DC third rail electrification in

4930-580: The late 1970s, and reached a low in 1982. Network improvements included completing electrification of the Great Eastern Main Line from London to Norwich between 1976 and 1986 and the East Coast Main Line from London to Edinburgh between 1985 and 1990. A mainline route closure during this period of relative network stability was the 1,500 V DC -electrified Woodhead line between Manchester and Sheffield : passenger service ceased in 1970 and goods in 1981. A further British Rail report from

5015-412: The leading application of the incomplete contract theory to the issue of state-owned enterprises. These authors compare a situation in which the government is in control of a firm to a situation in which a private manager is in control. The manager can invest to come up with cost-reducing and quality-enhancing innovations. The government and the manager bargain over the implementation of the innovations. If

5100-474: The logo with the name in a circle was also used on locomotives. The zeal for modernisation in the Beeching era drove the next rebranding exercise, and BR management wished to divest the organisation of anachronistic, heraldic motifs and develop a corporate identity to rival that of London Transport . BR's design panel set up a working party led by Milner Gray of the Design Research Unit . They drew up

5185-507: The most substantial changes were made. Seeking to reduce rail subsidies , one-third of the network and over half of all stations were permanently closed under the Beeching cuts . Trunk routes were considered to be the most important, and so electrification of the Great Eastern Main Line from London to Norwich was completed between 1976 and 1986 and on the East Coast Main Line from London to Edinburgh between 1985 and 1990. Train manufacturer British Rail Engineering Limited (BREL) produced

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5270-402: The nation from Aberdeen and Inverness in the north to Poole and Penzance in the south. In 1979, the incoming Conservative Government led by Margaret Thatcher was viewed as anti-railway, and did not want to commit public money to the railways. However, British Rail was allowed to spend its own money with government approval. This led to a number of electrification projects being given

5355-577: The nationalisation of the network as part of a policy of nationalising public services by Clement Attlee 's Labour Government. British Railways came into existence as the business name of the Railway Executive of the British Transport Commission (BTC) on 1 January 1948 when it took over the assets of the Big Four. There were also joint railways between the Big Four and a few light railways to consider (see list of constituents of British Railways ). Excluded from nationalisation were industrial lines like

5440-592: The negotiations fail, the owner can decide about the implementation. It turns out that when cost-reducing innovations do not harm quality significantly, then private firms are to be preferred. Yet, when cost-reductions may strongly reduce quality, state-owned enterprises are superior. Hoppe and Schmitz (2010) have extended this theory in order to allow for a richer set of governance structures, including different forms of public-private partnerships . SOEs are common with natural monopolies , because they allow capturing economies of scale while they can simultaneously achieve

5525-417: The opening of the Channel Tunnel during the mid-1990s. However, this traffic would not materialize until after 2000. With the privatisation of British Rail , the intermodal business was split off in 1995 to form a separate company called Freightliner . In 1997, Railfreight Distribution was bought by English Welsh & Scottish . By the end, the fleet included several Class 47s , a group of Class 86s ,

5610-675: The post of chairing the BTC while it lasted and then became the first Chairman of the British Railways Board. A major traffic census in April 1961, which lasted one week, was used in the compilation of a report on the future of the network. This report – The Reshaping of British Railways – was published by the BRB in March 1963. The proposals, which became known as the Beeching cuts , were dramatic. A third of all passenger services and more than 4,000 of

5695-399: The private sector (perhaps because the good that is being produced requires very risky investments, when patenting is difficult, or when spillover effects exist), the government can help these industries get on the market with positive economic effects. However, the government cannot necessarily predict which industries would qualify as such 'infant industries', and so the extent to which this

5780-428: The proportion of the corporate entity a government owns. One definition purports that a company is classified as a GLC if a government owns an effective controlling interest (more than 50%), while the second definition suggests that any corporate entity that has a government as a shareholder is a GLC. The act of turning a part of government bureaucracy into a SOE is called corporatization . In economic theory ,

5865-419: The public. The reaction was so strong that Margaret Thatcher , Prime Minister at that time, stated that decisions on the report would not immediately be taken. The Serpell report was quietly shelved, although the British Government was periodically accused by its opponents of implementing the report via stealth for some years thereafter. The 1980s and 1990s saw the closure of some railways which had survived

5950-451: The question of whether a firm should be owned by the state or by the private sector is studied in the theory of incomplete contracts developed by Oliver Hart and his co-authors. In a world in which complete contracts were feasible, ownership would not matter because the same incentive structure that prevails under one ownership structure could be replicated under the other ownership structure. Hart, Shleifer, and Vishny (1997) have developed

6035-403: The return of road haulage to the private sector; however, BR retained its own (smaller) in-house road haulage service. The report, latterly known as the "Modernisation Plan", was published in January 1955. It was intended to bring the railway system into the 20th century. A government White Paper produced in 1956 stated that modernisation would help eliminate BR's financial deficit by 1962, but

6120-432: The rolling stock it had inherited from its predecessor railway companies. Initially, an express blue (followed by GWR -style Brunswick green in 1952) was used on passenger locomotives, and LNWR -style lined black for mixed-traffic locomotives, but later green was more widely adopted. Development of a corporate identity for the organisation was hampered by the competing ambitions of the British Transport Commission and

6205-469: The service. Conversely, they might be detrimental because they reduce oversight and increase transaction costs (such as monitoring costs, i.e., it is more difficult and costly to govern and regulate an autonomous SOE than it is the public bureaucracy). Evidence suggests that existing SOEs are typically more efficient than government bureaucracy, but that this benefit diminishes as services get more technical and have less overt public objectives. Compared to

6290-516: The south. In 1988, the line to Aberdare was reopened. A British Rail advertisement ("Britain's Railway", directed by Hugh Hudson ) featured some of the best-known railway structures in Britain, including the Forth Rail Bridge , Royal Albert Bridge , Glenfinnan Viaduct and London Paddington station . London Liverpool Street station was rebuilt, opened by Queen Elizabeth II , and a new station

6375-465: The state answers for the liabilities. Stocks of the corporation are not sold and loans have to be government-approved, as they are government liabilities. State-owned enterprises are a major component of the economy of Belarus . The Belarusian state-owned economy includes enterprises that are fully state-owned, as well as others which are joint-stock companies with partial ownership by the state. Employment in state-owned or state-controlled enterprises

6460-493: The state's response to natural disasters, financial crises and social instability. China's SOEs are at the forefront of global seaport-building, and most new ports constructed by them are done within the auspices of the Belt and Road Initiative . As of at least 2024, an Ethiopian SOE is Africa's largest and most profitable airline, as well as Ethiopia's largest earner of foreign exchange. In India , government enterprises exist in

6545-657: The term "enterprise" is challenged, as it implies statutes in private law which may not always be present, and so the term "corporations" is frequently used instead. Thus, SOEs are known under many other terms: state-owned company, state-owned entity, state enterprise, publicly owned corporation, government business enterprise, government-owned company, government controlled company, government controlled enterprise, government-owned corporation, government-sponsored enterprise , commercial government agency, state-privatised industry public sector undertaking, or parastatal, among others. In some Commonwealth realms , ownership by The Crown

6630-596: The trunk routes of the West Coast Main Line , East Coast Main Line , Great Western Main Line , Great Eastern Main Line and Midland Main Line , and other lines. Policing on (and within) the network was carried out British Transport Police (BTP). In 1947 the Transport Act created the British Transport Commission (BTC), which unified the railway system. On 1 January 1949, the British Transport Commission Police (BTCP) were created, formed from

6715-565: Was constructed at Stansted Airport in 1991. The following year, the Maesteg line was reopened. In 1988, the Windsor Link Line, Manchester was constructed and has proven to be an important piece of infrastructure. Before the introduction of APTIS (Accountancy and Passenger Ticket Issuing System), British Rail used the Edmondson railway ticket , first introduced in the 1840s and phased out in

6800-518: Was formally renamed the British Railways Board . British Railways was formed on 1 January 1948 as a result of the Transport Act 1947 , which nationalised the Big Four British railway companies along with some other (but not all) smaller railways. Profitability of the railways became a pressing concern during the 1950s, leading to multiple efforts to bolster performance, including some line closures. The 1955 Modernisation Plan formally directed

6885-473: Was introduced in the 1980s. Certain BR operations such as Inter-City , Network SouthEast , Regional Railways or Rail Express Systems began to adopt their own identities, introducing logos and colour schemes which were essentially variants of the British Rail brand. Eventually, as sectorisation developed into a prelude to privatisation, the unified British Rail brand disappeared, with the notable exception of

6970-532: Was shut down. The losses were largely related to the costs involved with operations at marshalling yards and drop off and pick up of wagons at sidings amounted to 80% of total expenses. It was determined services only became economical if the wagons were moving over 500 miles (800 km), or in at least 10 wagon loads daily. However, approximately 70% of former Speedlink traffic was transitioned to more efficient trainload operations via trunk-haul or contracted train-loads. Railfreight Distribution turned its sights on

7055-422: Was such a large operation, running not just railways but also ferries, steamships and hotels, it has been considered difficult to analyse the effects of nationalisation. Prices rose quickly in this period, rising 108% in real terms from 1979 to 1994, as prices rose by 262% but RPI only increased by 154% in the same time. Following nationalisation in 1948, British Railways began to adapt the corporate liveries on

7140-539: Was the first real subdivision of BR since its inception in 1949, and likely saved many lines earmarked for closure, notably the Liverpool, Crosby and Southport Railway , which now forms part of the Merseyrail network. Upon sectorisation in 1982, three passenger sectors were created: InterCity , operating principal express services; London & South East (renamed Network SouthEast in 1986) operating commuter services in

7225-451: Was transferred to the sectors. The Anglia Region was created in late 1987, its first General Manager being John Edmonds, who began his appointment on 19 October 1987. Full separation from the Eastern Region – apart from engineering design needs – occurred on 29 April 1988. It handled the services from Fenchurch Street and Liverpool Street , its western boundary being Hertford East , Meldreth and Whittlesea . The former BR network, with

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