Perhaps it is time to nationalise our failing railways

We mustn’t abandon the railways to market forces, many on the left asserted when British Rail was broken up and privatised in the 1990s. They needn’t have worried. A quarter of a century on and we have yet to see a market force take to the tracks. Wasn’t the whole purpose of privatisation supposed to be to transfer financial risk from the taxpayer to private finance? 

Instead, as soon as the Covid crisis struck, while other industries were offered loans, furlough payments and business rate relief but were otherwise left to fend for themselves, the rail industry was propped up as if nothing was wrong. The government simply suspended the franchise system and paid the industry directly to lug fresh air around the country. Rail companies have carried on making profits and paying fat salaries to executives and train drivers alike — even though passenger levels are at just 15 per cent of what they were this time last year.