In 1996 after nearly fifty years in public ownership the British rail network was privatised. As a part of this what had been single organisation, British Rail, was broken into a set of different units which were individually sold off. Prominent among these were Railtrack plc (owner of the track, stations, signalling and other infrastructure), more than twenty train operating companies (TOCs) which received franchises to run trains (usually with government subsidies), and three companies which owned and leased rolling stock.
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Law et al. (2002) studied this question.
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