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Print and web pdfs available at https://www.gov.uk/government/publications Web ISBN=9781474118484
The privatisation of the British railway industry was a unique political and economic event. An integrated industry was broken-up into numerous component parts and sold off to private sector interests. The result was a highly fragmented industry that was structurally unsound and operationally dysfunctional. This authoritative volume presents an enlightening portrait of an industry that is less efficient, more costly and still more dependent on state subsidy today than its nationalised predecessor. The nine chapters in this work present a comprehensive and rigorous evaluation of how and why the industry has become so dysfunctional and costly, supported by detailed financial analysis and industry examples. Seven chapters comprise a series of peer-reviewed academic papers by Professor McCartney and Dr Stittle and published in leading international journals over the period 2004–2017 which analyse selected key segments of the privatised industry: where appropriate, updates are provided at the end of these chapters outlining developments since initial publication relevant to the analysis therein. Two chapters are published here for the first time: Chapter 7 reviews the performance of the freight sector, while Chapter 1 ‘bookends’ the volume by providing first, an account of how rail privatisation was conceived and implemented in the 1980s/90s, and then reviews the impact of the pandemic and the proposals of the Williams-Shapps White Paper of 2021 which, if enacted, will effectively end the Major government’s experiment. Going far beyond the usual superficial analysis of the topic, this volume will be of significant interest to researchers and advanced students of accounting, economics, business history, transport studies, as well as industry and specialised business interests in transport and privatisation.
The Office of Rail Regulation (the Regulator) is the independent economic and safety regulator of the rail industry in England, Scotland and Wales. The Regulator's duties include promoting economy and efficiency in the rail industry with much of its work focusing on Network Rail, the owner and monopoly provider of the national rail network, including track, signalling and stations. Network Rail does not face normal commercial pressures from investors and lenders to improve efficiency as it is a not-for-dividend company without shareholders, financed by debt guaranteed by the Government. It is therefore the role of the Regulator to hold Network Rail to account for its performance and to incentivise it to become more efficient. The Regulator sets efficiency targets when it determines the limits on fees Network Rail can charge train operators for use of tracks, stations and depots. Sir Roy McNulty's recent review of the rail industry showed that the rail industry continued to fail to achieve effective value for money. The Committee states that the Regulator did not exert sufficient pressure on Network Rail to improve its efficiency, and that there is an absence of effective sanctions for under-performance in the system and should enforce a stronger link between performance and bonus payments to Network Rail's senior managers. The relationship between Network Rail, the Regulator and their advisors appears to the Committee to be too cosy. Network Rail should be more accountable for its use of public money, and more transparent in its operations. The Committee sets out 11 conclusions and recommendations.
Corporate Governance and the Nuclear Industry explores the UK nuclear Legacy - governance issues associated with the decommissioning of a range of early-generation civil nuclear facilities. This book traces how we got here and the risks that have been taken, whilst presenting new research and thinking that is required to manage our nuclear Legacy. The book addresses a new analytical approach using notions of governance to review key historic events. This approach analyses these events using concepts of stakeholder control, accountability and regulation. Using these concepts and undertaking a more detailed analysis of the Legacy’s current governance arrangements; the conventional public sector-based solutions that attempt to harness private sector expertise, this book will contrast these with government responses to determine the degree of control over the Legacy and any possible control issues. Corporate Governance and the Nuclear Industry concludes that we need to recognise the legacy’s problems as exceptional rather than prosaic, and suggests that this requires exceptional governance solutions rather than the current form that is clearly failing.
Office of Rail Regulation annual report and resource Accounts 2009-10
Dated July 2016. Print and web pdfs available at https://www.gov.uk/government/publications Web ISBN=9781474132480
Office of Rail Regulation annual report and resource Accounts 2008-09
Office of Rail Regulation annual report and resource Accounts 2007-08