The Official History of Privatisation Vol. I: The formative years 1970-1987

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ISBN: 9780415469166 | 0415469163
Cover: Hardcover
Copyright: 3/13/2009

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This first volume of the official History studies the background to UK privatisation, and the privatisations that took place from May 1979 to June 1987. First commissioned by the then Prime Minister, Tony Blair, as an authoritative history, this volume addresses a number of key questions:

List of abbreviations	p. xi
List of figures, tables and plates	p. xv
Acknowledgements	p. xvii
Preface	p. xix
Nationalisation to privatisation: 1945-79 - the genesis of a policy idea	p. 1
The origins of state ownership	p. 1
The public corporation	p. 3
The 1945 Labour Government	p. 6
Early difficulties	p. 8
Growing disillusionment	p. 12
A dismal performance?	p. 15
"We cannot go on like this"	p. 17
Privatisation: the economic rationale	p. 18
The Conservative Party, nationalisation and the 1979 General Election	p. 27
The Heath Government, 1970-4	p. 29
Margaret Thatcher and "The Right Approach"	p. 37
Uncertain direction and the 1979 General Election	p. 44
Balancing the books: privatisation and the 1979-83 Government	p. 52
The first hesitant steps	p. 53
The search for assets to sell	p. 60
More early difficulties	p. 64
"The lady's not for turning"	p. 68
A lack of progress	p. 70
The 1981 Budget and its aftermath	p. 74
A new momentum	p. 77
The CPRS Report on regulating privatised monopolies	p. 80
A privatisation programme takes shape	p. 82
Privatising oil	p. 89
The beginnings	p. 89
A faltering start	p. 91
An uncertain future for BNOC	p. 95
Continuing delays, the BNOC Revenue Bond and the hazard Report	p. 98
The disposal of Wytch Farm and Enterprise Oil	p. 103
Britoil	p. 109
Privatising British Aerospace and Cable and Wireless	p. 113
British Aerospace	p. 113
Cable and Wireless	p. 124
Privatising Amersham International, the National Freight Corporation and Associated British Ports	p. 136
Amersham International	p. 136
The National Freight Corporation	p. 140
Associated British Ports	p. 147
The First Four Years: a retrospective	p. 157
Into the heartlands of the public trading sector: privatisation and the 1983-7 Thatcher Government	p. 166
Economic and political developments	p. 167
Privatisation policy	p. 172
Competitive tendering	p. 179
The welfare state	p. 184
Privatising British Airways, Rolls-Royce, shipbuilding and the Royal Dockyards	p. 189
British Airways	p. 189
Rolls-Royce	p. 198
Shipbuilding	p. 202
The Royal Dockyards	p. 210
Privatising bus transport and the Royal Ordnance Factories	p. 216
The deregulation of bus services	p. 217
Selling the National Bus Company	p. 222
The Scottish Transport Group	p. 225
Local authority bus services and London buses	p. 229
Bus privatisation: an assessment	p. 229
The Royal Ordnance factories	p. 232
Privatising British Telecom: the decision to privatise	p. 240
Background to the decision to privatise	p. 240
The coming of competition: Mercury Communications	p. 244
The Buzby Bond	p. 247
Privatise instead	p. 250
The 1982 Telecommunications Bill	p. 253
An uneasy passage and union and industry concerns	p. 256
Negotiating the BT licence	p. 262
Privatising British Telecom: OFTEL and regulating profits or prices	p. 266
Founding the Office of Telecommunications	p. 267
Regulating profits or prices?	p. 271
"A substantial degree of risk and uncertainty"	p. 279
Finalising X=3%	p. 287
Privatising British Telecom: the flotation and repercussions	p. 290
Early planning	p. 291
Organising the sale and investor incentives	p. 294
Marketing the sale	p. 300
Structuring the flotation	p. 302
The share flotation and setting the issue price	p. 307
"A good result"	p. 317
Results and later developments	p. 320
Privatising British Gas: the decision to privatise and designing an appropriate regulatory regime	p. 330
Early measures	p. 331
The gas showrooms: a privatisation failure	p. 335
The decision to privatise British Gas	p. 338
The introduction of the Gas Bill	p. 344
The regulatory regime	p. 346
The price cap	p. 359
A regulatory dwarf?	p. 361
Privatising British Gas: the flotation and aftermath	p. 364
Planning the sale	p. 365
The marketing campaign	p. 372
The employee share offer	p. 376
Profitability, the balance sheet and accounting practices	p. 378
Other difficulties	p. 386
"Tell Sid"	p. 388
The Pathfinder prospectus and setting the share price	p. 390
The flotation achieved	p. 393
Conclusions and aftermath	p. 394
Nationalisation and privatisation 1970-87: an overview and conclusions	p. 398
Managing the privatisation process	p. 403
Setting the share price, underwriting the issues and the use of instalment payments	p. 414
The special share	p. 426
Widening property ownership	p. 430
Employee shareholdings and pension arrangements	p. 434
Economic regulation	p. 438
Privatisation and economic performance	p. 441
Conclusions	p. 446
Appendix: The privatisations May 1979-June 1987: a listing of the principal advisers	p. 450
Notes	p. 466
References	p. 577
Index	p. 590
Table of Contents provided by Ingram. All Rights Reserved.

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The Official History of Privatisation Vol. I: The formative years 1970-1987

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The Official History of Privatisation Vol. I: The formative years 1970-1987

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