I think this game of "what if" also hinges on who wins the 1992 election. If Thatcher had survived the 1990 leadership I don't believe it could be guaranteed she would have won in 1992. Major winning in 1992 was a surprise!
Also, factor in what was happening within British Rail, i.e. Organising for Quality. A quick Google search shows that this first emerged in 1989. It can be summarised from a summary on a
National Archives page: -
In 1989 a study by Coopers & Lybrand recommended that British Rail should simplify its organisation and decentralise on business lines. An Organisation for Quality (OfQ) team was established to lead the initiative. In 1990 profit centre teams were given six months to devise new organisational structures. A series of reports were produced by the teams working on OfQ for the Chief Executive's forum in June 1990. After this the OfQ Steering Group was established to deal with questions raised. The concept of"trading" was important to OfQ and denoted the ability of profit centres to do business with each other.
So this saw the BR sectors become responsible for track (rather than the Civil Engineers Department), and the sub-sectors (e.g. InterCity East Coast) were the profit centres.
So, to my theory: -
- Thatcher survives the November 1990 leadership challenge, but not by a huge margin.
- Heseltine brought back into Cabinet to try unify the party.
- Thatcher loses the 1992 election to Labour.
- Sterling still crashes out of the ERM on "Black Wednesday" but it is Neil Kinnock as Prime Minister who suffers the political fallout and John Smith who resigns as Chancellor.
- A resurgent Conservative Party goes on to win the 1997 election, able to state same old Labour, trashing the economy.
- Privatisation of BR is in the Conservative Manifesto, based on selling off InterCity and Network SouthEast passenger businesses; selling off Freightliner and Trainload Freight; selling Rail Express Systems to the Post Office for a nominal £1.
Privatisation under Thatcher seemed much more about privatise a big state owned company and move to introduce competition once it has reformed and improved or sell off non-core aspects of a state company, e.g. British Rail Hotels, Sealink (or smaller state owned businesses).
Privatisation under Major seemed to be more about trying to introduce competition by splitting up a state owned company, e.g. CEGB became National Power and PowerGen; British Coal was sold off literally mine by mine.
It is very crude, but with Thatcher it felt like it was about getting the state out of running industries it didn't need to and driving an improvement in quality (e.g. British Airways, Rolls Royce), and making those that remained state owned more lean (e.g. sector led BR with non-core business disposed of). With Major it felt much more driven by ideology and then the way it was implemented just felt flawed too.