Big Four British railwaysIn 1923, the 123 British private railway companies merged into just the “Big Four” giant regional companies. Thus were formed the London, Midland & Scottish, London & North Eastern, Great Western and Southern railways as privately owned monopolies. During WW I, all railways were placed under state control (but not ownership) and while the Railway Executive Committee prioritized war transportation needs, assets deteriorated. After the war, the benefits of central management to end destructive competition suggested nationalization for recovery. This was rejected in 1919. Instead, the Railways Act of 1921 imposed the Big Four amalgamations as private companies, effective 1 Jan 1923. Freight rates control was introduced. Nationalization came on 1 Jan 1948 after state control during WW II.« |
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