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The Financial Results

In: The Nationalisation of British Transport

Author

Listed:
  • Michael R. Bonavia

Abstract

The Commission was born amid confident predictions that its financial future was assured. The Chancellor of the Exchequer, in the Second Reading Debate on the Transport Bill, had pointed out the benefit that would result from the use of government credit; refinancing the whole of public transport on a 2.5 per cent basis would yield a bonus, compared with the interest burdens on the railways and London Transport before nationalisation.1 Taking over the generally profitable road haulage industry — agaain on a 2.5 per cent basis — must also be good business. Furthermore, unification of the railways was expected to yield substantial working economies. The elimination of ‘wasteful competition’ between road and rail would be another major source of savings.

Suggested Citation

  • Michael R. Bonavia, 1987. "The Financial Results," Palgrave Macmillan Books, in: The Nationalisation of British Transport, chapter 16, pages 144-150, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08793-8_16
    DOI: 10.1007/978-1-349-08793-8_16
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