I had a series of exchanges recently at the Transport Committee on the subject of rail regulation which illustrated how far economic regulation has drifted from economic reality. The transcript is here. The Chief Executive of Network Rail appears not to appreciate the role of price and freedom to contract, or at least he is prepared to submit to the Office of Rail Regulation’s subversion of those mechanisms: Q39 Steve Baker: Sir David, you talked about trade-offs, the fight for […]

Tags: economics, HS2, Network Rail, Office of Rail Regulation, Parliament, Rail, Transport