What year was the UK rail industry nationalised and operated by a public cooperation?
1946
1 of 19
What public cooperation owned the rail industry before privatisation?
British Rail
2 of 19
When was the UK rail industry privatised?
1996
3 of 19
The DFT invites TOCs to bid for a _________ to run a given rail service.
Franchise
4 of 19
Who regulates the rail industry?
The Office of Rail Regulation (ORR)
5 of 19
Which private sector company in the rail industry is being described? - Owns and operates the rail infrastructure. Borrowing is guaranteed by the government. Profits are reinvested in the rail network.
Network Rail
6 of 19
Operators granted long contracts have an incentive to ____as there is sufficient time to recoup costs and generate profits. Long contracts increases _______ so that the market becomes less contestable and competitive.
Invest, barriers to entry
7 of 19
Challenges rail privatisation faced - Infrastructure and operations are?
Interlinked
8 of 19
Challenges rail privatisation faced - TOCs found short franchise periods and large sunk costs a barrier to?
Investment
9 of 19
Decades of underinvestment in infrastructure and increasing demand for rail travel means the current network is unable to meet?
Peak time demand
10 of 19
The subsidy given to TOCs to ensure loss making but socially essential services operate e.g. rural lines and late night services. What is this?
Public service obligation
11 of 19
Has the privatisation of railways been a success? - Fares and profits: ______ fares and ______ are indicators of _____ performance
Rising, supernormal, poor
12 of 19
Performance: e.g. loading, commuter numbers, punctuality of services and number of complaints have _______.
Increased
13 of 19
Opportunity for 'open access' companies to compete for passenger and freight services - has increased?
Contestability
14 of 19
A privatised rail industry does NOT allow which thing?
Natural monopoly
15 of 19
Open Access companies are able to compete against franchise holding firms. e.g.?
Grand Central and Hull Trains
16 of 19
Which barrier to entry is not an issue in the train passenger market?
Brand loyalty
17 of 19
Which TOC could NOT afford their franchise payments (perhaps their costs were higher than expected)
National Express
18 of 19
What crash occurred in 2006?
Hatfield crash
19 of 19
Other cards in this set
Card 2
Front
What public cooperation owned the rail industry before privatisation?
Back
British Rail
Card 3
Front
When was the UK rail industry privatised?
Back
Card 4
Front
The DFT invites TOCs to bid for a _________ to run a given rail service.
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