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BR did not collapse, the government of the day decided that they could make money from selling off any Nationalised company and thought they could avoid spending from their purse.
Today's railways are all for profit and many are still reliant on the government purse. With BR when things went wrong they could be put right quicker, not a case of trying to source the cheapest way out of getting things going again.
Many of todays travellers who remember BR days say that they weren't anywhere as near as bad as they were made out to be.
Sorry about that little rant but having served both on BR and the Privatised railway I certainly know which was more efficient in my eyes.
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