In Britain, when you commit a fraud costing thousands you go to prison. When you bring a great industry to its knees, costing billions through incompetence, you get a job in a City bank. That is where those responsible for rail privatisation were ensconced: Lord Lamont (Rothschild), Lord Macgregor (Hill Samuel) and the scheme's architect, the Treasury's Sir Steve Robson (Royal Bank of Scotland). All were warned that the 1993 Rail Act would be a disaster. Rubbish, they said, they knew better. I hope the banks are counting their spoons.

Note, as DoDo says, that Wright in the FT article speaks of growth from the mid-90s because that was a very low point... A self-serving argument to say the least.