Investment, not ownership, is the issue for Britain’s railways - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
基建投资

Investment, not ownership, is the issue for Britain’s railways

Nationalising train operators is no guarantee of better performance

The new UK government’s plans to nationalise rail services are thundering down the parliamentary tracks faster than most trains on the country’s rickety rail network. They add up to a major reversal of one of the flagship Conservative privatisations of the 1980s and 1990s. The commitment of Sir Keir Starmer’s Labour to “move fast and fix things” is commendable; fixing the railways is important not just for passengers but to boost economic growth. But in prioritising ownership it is focusing on the wrong issue.

A bill that received a lightning third reading on Tuesday will return franchised passenger rail services to public hands when existing contracts end or reach a breakpoint — which at least means this renationalisation has little upfront cost. The government says it will produce a more centralised network, under the “directing mind” of a still-to-be-created arms-length body, Great British Railways. It touts the potential to cut costs by removing duplicative bureaucracy, and to simplify the unpopular maze of ticketing.

The danger, though, is that as with British Rail in the 1970s, public ownership will mean poor management and cost control, and empower rail unions with which Labour has just expensively settled long-running pay disputes. Recent experience shows state control does not guarantee better service. Ask long-suffering passengers of Northern Rail, one of four previously franchised services already taken back by the state.

The flawed franchising system created distorted incentives; several large franchises failed after overpromising on revenues. But the Conservative government committed in 2021 to shift to passenger service contracts with private companies, which pay a fee for providing tightly specified services with penalties for failures to meet targets. This was a sensible concept that avoided full nationalisation. Several countries, including Germany and Sweden, use service contracts on some services. (In Japan’s famously reliable rail network, the private sector takes the lead on almost all routes, though with a very different structure to Britain’s.)

With about half of cancellations blamed on infrastructure owners, the biggest problem dogging Britain’s railways is not ownership of operators but constrained and crumbling capacity. This follows years of inconsistent and inadequate government-led investment in rail infrastructure, most of which was returned to public hands under Network Rail in 2002. Sustained higher investment in tracks is vital — but Labour, though it has promised a more detailed rail reform bill in due course, has so far said little on this subject.

The need is all the greater after then prime minister Rishi Sunak last year cancelled the remaining northern leg of HS2, the high-speed project from London originally to Manchester and Leeds. Though costs had ballooned, HS2 promised new capacity as much as speed. The government must urgently find other ways to ease congestion on the West Coast main line, where commuter and intercity services share tracks in places, and which is vital for the net zero priority of shifting freight from roads to rail. It should study a plan from city mayors and engineering firms for a cheaper, privately funded line along HS2’s axed Birmingham-Manchester route.

It would also be helpful for the government to clarify its view of Northern Powerhouse Rail, the proposed east-west line connecting northern English cities that is central to revitalising services. And it should draw up coherent plans for redirecting funds no longer being spent on HS2 to other projects.

In doing so, Labour should heed the advice of a policy review it commissioned, and seek private funding too. The report led by former Siemens UK boss Juergen Maier recommended new partnerships, akin to those often used in Europe and Asia, involving “blended finance” — with the private sector taking on delivery and recouping a return later. In revitalising rail, Britain’s new government would be wise to create room for more private sector investment and involvement, not less.

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

Lex专栏:投资者厌倦了“画饼式”能源转型公司

无论战略多么高瞻远瞩,股东的耐心都会被消磨殆尽。

在特朗普执政期间,加密货币监管需要经过深思熟虑的重新审视

期待已久的公共政策支持可以提升美国在区块链技术、人工智能和加密货币领域的领导地位。
1天前

特斯拉努力避免取消马斯克薪酬方案的高昂成本

如果这家电动汽车制造商和首席执行官被迫放弃2018年的交易,他们可能会面临超过1000亿美元的会计和税务费用。

企业该如何监督员工使用人工智能

员工采用大型语言模型的速度快于企业发布相关指引的速度。

宗教电影成为好莱坞艰难之年的救命稻草

得益于宗教节目、动漫和老电影,小型电影发行商Fathom Events的收入增长45%。

梅洛尼加紧敲定预算,巩固市场对意大利财政的信心

意大利议会本周将就2025年预算展开辩论。投资者对梅洛尼能够控制国家财政持乐观态度,并以反映这种信心的价格购买意政府债券。
设置字号×
最小
较小
默认
较大
最大
分享×