Answer, from a railway perspective: a lot better than it might have been - no retro renationalisation, and not much meddling either. Post-Hatfield chaos could have led to any number of silly restructuring but instead the 2004 White Paper, Alistair Darling’s creation, set out a rational and centre stage role for government and properly defined roles for Network Rail, the TOCs, ORR and the safety inspector to the extent that it is now possible to do railway planning.
While this was going...
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