Railways! They should be in public ownership. Public ownership doesn't mean incompetent management. The railway break up and privatisation, which I saw in detail, from the beginning, from the inside, in two very sensitive and informative roles, was the biggest giveaway of public property in our industrial history.
The rip-off, essentially, is this: railway infrastructure, its planning, development and ongoing maintenance, is paid for from the public purse, the taxpayer, you and me.Train operating companies (ToCs) pay HMG to run trains on it and that profit making activity is devoted to, primarily, delivering dividends to shareholders, and only as a secondary benefit, services to train passengers. What the ToCs pay HMG for the privilege of running trains bears no relation to the actual cost of what they’re doing to the infrastructure they never made any investment in in the first place, and pay nothing realistic for now.
Does anyone get this? This is why privatisation of public services is always a rip-off. Unless the people who want to benefit from running the service have invested in creating the supporting infrastructure in the first place, they have no moral right to profit from running the service. For railways, the whole of the railway operation, infrastructure, trains, renewals, plant leasing, should be vested in one non-profit company owned by the government, as trustees for the taxpayer. The corporate governance should be free from political control, civil servants and pols know nothing about running railways. People with records of failure in other industries (does anyone remember Ian McGregor, Gerald Corbett?) should never, ever be appointed. This should be the model of public ownership of public services, for the public good. It would still be open for private companies to provide privately-run services, but they should have to develop their own infrastructure at their own expense, no revisiting PFI.
This works in other countries, it could easily work here. It’s a sensible economic argument as well as a moral one. This isn’t Marxism, it’s plain common sense.