The Importance of Proper Incentive Regulation in the UK

The reason why network real is a poorly run monopoly is because we can try and incentivize this management to do the right thing. But under state ownership, it was just not possible to have the same incentive regulation that's possible under private ownership. We know how to regulate privately owned monopolies with proper incentive regulation, whereas actually in the UK, I'm not sure we do know how to regulated properly state owned monopolies.