I think many of the calls for nationalisation come from those who mistakenly believe that any profits currently made by private shareholders would then be available for investment in the rail network, or would lead to lower fares.
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I know nationalism isn't necessarily perfect, but the problem I have is that the rail network as a whole is not and will never be directly profitable, it has to be subsidised to work, produce economic benefits, and in some cases a social or environmental good, even at a cost. The current system allows TOC's to take any profit from certain areas, and force any loses onto the government, by not taking on contracts that are not profitable, or giving up on them when they can't make it pay. Private industry works when competition holds companies to account, but actual direct competition on the railways is rare, especially in the areas that are never going to be profitable.
I wonder if the current system used in parts of the London network would work, where a company is hired to do the job, but the ticket sales go to TfL. That way the competition is in getting the contract, and the profit is handled upfront, and since the government is taking the risks, they get to take the profits as well. And any profits can be used to subsidise the areas that don't make a profit, but are kept running for other reasons.
People don't have an objection to companies existing, or making a profit, but when they take money from us in a situation where people don't have a choice, either from a monopoly, or from our taxes, and then don't provide the service expected, people understandably get annoyed.
I shudder at the thought of the industry being controlled any more by the useless Department for Transport, and see the levels of incompetence shown by Network rail with their electrification., especially Great Western happening in nationalised TOC's.
Network Rail might be bad, but RailTrack had its share of incompetence, which led to its dissolution, and they had safety questions hanging over them. Private companies are only fair if they are allowed to fail without getting governments to intervene. RailTrack took money from the government when the going was good, and gave it to shareholders, then gave up and ended, leaving the government to pick up the pieces they left behind after not managing for the future.
I think it is hypocritical for governments to say that nationalised industries are badly run, lets give them to the private sector(mostly rich people who are friends with the politicians(sorry leftist prejudice showing there)), but aren't we doing a good job, please re-elect us. If they stand up and say that we cannot run a business reliably, but please let us run your country, in a logical world they would be voted out immediately.
Then there is the problem with the current system, where by breaking up everything, DfT, Network Rail, TOC's, it allows, and indeed encourages, each part to blame the others for any problems, rather than working together to solve problems.
Sorry, this turned into a bit of an essay, and I don't think I have all the answers, and there may be options I don't know about, but I think we have got to the point where the fundamental lie of privatisation has been exposed (that private enterprise always provides a better service for less money than government run organisations), and we have to find a way forward that can give us the best possible result, possibly using the best of both worlds.