Franchise system is a bad idea, but the erratic fares are even worse--I wonder how much the latter contributed to the drop in ridership? In any case, the recent drop is not a serious setback in absolute terms, it's just fucking with people's expectations:https://www.theguardian.com/business/2018/jun/14/fall-in-uk-rail-passenger-numbers-casts-doubt-on-viability-of-franchises …
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Is this something to do with the privitization of British railways?
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the BOTCHED privatization, yes
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They are in the wrong business. Most of them are just foreign state operators wanting a nice little side business, or bus companies who don't really have a clue because rail is a far more complex business in the UK.
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Surprise surprise. They don't even own their own tracks or rolling stock, correct?
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Yes, which is another cause of sky-high fares, because the rolling stock lessors and infrastructure owner (the latter is now state-owned) charge their own fees.
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