Outlook Carry on down the escalator bottomless pit that was The government's decision to public will only be served by running the raiways as a public service - a socialised raiway. Railtrack and to press forward with guaranteed public investment. run by rail workers and company to replace it have rail users. been applauded in some quar- Labour has always argued ters as the first signs of a second-term resurgence for social What the demise of Railtrack democracy. Nothing could be makes clear is that if the government had adopted a Despite all the hand wringing forthright strategy from the from Raitrack shareholders the first this could already have deal they are now to get in been achieved - at less cost government payoffs massively than is currently spent prop.
ping up the profit of the pri Hiding behind the small vate sector. shareholders - defending the Railtrack is bankrupt, the major institutional shareholders chises are coming to the end of threatened an investment their first term and do not need to be renewed, and the compensated for their loss. But maintenance contracts could of course all they had lost was the ability to get fat on massive directly from government subNow the not-for-profit effect be another rehashed Public Private Partnership. Train Fat cat lover: Stephen Byers easily be brought back in Instead the government's option are actually designed to No kee vate soon afloat - the result will be more fat cats, and continued threats to rail services from the sorts physical, Railtrack has become