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Yes is the simple answer.
Ultimately bringing the tangled mess of the railways under 1 command structure would be much better for a service delivery perspective and it will also be much cheaper (Rail privatization means we now spend 4 times more than before privatization). Some of the extra is in extra investment – but a lot has been swallowed in escalating infrastructure costs as everything is outsourced and every layer now has to take its level of profit.
Also things like the PFI for the new High Speed Trains being built for GWML and ECML are incredibly expensive and poor value for money. (Generally goes for PFI in general – as a country we’re spending £200bn on PFI schemes where the assets are only worth £54bn – make of that what you will but I call it insane).
So yes – bringing railways back into public ownership will be massively sensible on every level (and can take some of the ideas that privatization that has been good and successful and apply it to the national railway). But sadly Tory political dogma will never see them back it. UK Rail privatization is a hand book the world over for How Not to Privatise something.