So the government is to free Railtrack’s not-for-profit replacement from the requirement to deliver returns to investors. Instead, it will be controlled by ‘key stakeholders’, such as train operators and passenger groups.
But, says Stephen Byers, this is definitely not renationalisation. You may quibble, but that would just be arguing over semantics. Perhaps the main lesson is that it’s extremely hard to set up an artificial market where logic defies it.
It’s not as if Railtrack could have competitors. A vast and ageing network of metal bars criss-crossing our landscape is not desirable or easy to replicate. And, as Railtrack has found, it is a nightmare to fund and manage.
Those considering the part-privatisation of London Underground should look carefully at the Railtrack fiasco – for the sake of passengers and future shareholders – if any can still be found.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel