Editing Railtrack (section)

===Background and founding===
[[File:British Rail 960001 at Norwich.jpg|thumb|Railtrack permanent way maintenance train]]

During the early 1990s, the [[Conservative Party (UK)|Conservative Party]] decided to pursue the [[privatisation of British Rail|privatisation]] of Britain's [[nationalisation|nationalised]] railway operator [[British Rail]].<ref>{{cite journal |url = https://www.socresonline.org.uk/7/1/strangleman.html |first = Tim |last = Strangleman |date = 2002 |title = Nostalgia for Nationalisation – the Politics of Privatisation |journal = Sociological Research Online |volume = 7 |number = 1 |pages = 92–105 |doi = 10.5153/sro.701 |s2cid = 144684740 |access-date = 5 December 2022 |archive-date = 5 December 2022 |archive-url = https://web.archive.org/web/20221205024644/https://www.socresonline.org.uk/7/1/strangleman.html |url-status = live }}</ref><ref name = "trainselloff bbc2000">{{cite news |url = http://news.bbc.co.uk/1/hi/uk_politics/982037.stm |title = The great train sell-off: Who dunnit? |work = BBC News |date = 20 October 2000 |access-date = 5 December 2022 |archive-date = 5 December 2022 |archive-url = https://web.archive.org/web/20221205033050/http://news.bbc.co.uk/1/hi/uk_politics/982037.stm |url-status = live }}</ref> A [[white paper]] released in July 1992 had called for a publicly-owned company to be primarily responsible for the railway infrastructure, including the tracks, signalling, and stations, while train operations would be [[Passenger rail franchising in Great Britain|franchise]]d out to various private companies.<ref>{{cite web |url = https://www.railwaysarchive.co.uk/docsummary.php?docID=11 |title = New Opportunities for the Railways: The Privatisation of British Rail |date = 14 July 1992 |publisher = [[Her Majesty's Stationery Office]] |access-date = 5 December 2022 |archive-date = 5 December 2022 |archive-url = https://web.archive.org/web/20221205022659/https://www.railwaysarchive.co.uk/docsummary.php?docID=11 |url-status = live }}</ref> However, [[Robert Horton (businessman)|Robert Horton]], who would become the first chairman of Railtrack and thus play a leading role through the early years of the organisation's existence, lobbied for the infrastructure-holding company to be privatised as well in order to maximise financial gains; this position was also supported by several figures within the Conservative government, such as the [[Chancellor of the Exchequer]] [[Kenneth Clarke]] and the [[Secretary of State for Transport]] [[Brian Mawhinney]].<ref name = "trainselloff bbc2000"/><ref name = "wolmar 2005">{{cite web |last = Christian |first = Wolmar |work = [[The Guardian]] |date = 16 July 2005 |url = http://www.theguardian.com/politics/2005/jul/16/publicservices.uk |title = Forget Byers: the scandal was in the original sell-off: Railtrack was heading for disaster long before the Hatfield crash |access-date = 12 December 2016 |archive-date = 29 August 2013 |archive-url = https://web.archive.org/web/20130829063606/http://www.theguardian.com/politics/2005/jul/16/publicservices.uk |url-status = live }}</ref>

On 1 April 1994, in accordance with recently passed [[Act of Parliament|legislation]], the newly-established Railtrack took control of Britain's railway infrastructure from British Rail.<ref name = "parliament summary2010"/><ref name = "sciencemuseum summary">{{cite web |url = https://collection.sciencemuseumgroup.org.uk/people/ap268/railtrack-group-plc |title = Railtrack Group PLC |website = sciencemuseumgroup.org.uk |access-date = 5 December 2022 |archive-date = 5 December 2022 |archive-url = https://web.archive.org/web/20221205022745/https://collection.sciencemuseumgroup.org.uk/people/ap268/railtrack-group-plc |url-status = live }}</ref> Its primary revenue sources were the track access charges levied on train operators and the [[lease]] of [[railway station|station]]s and [[Motive power depot|depot]]s. Furthermore, the company routinely received funding from the British government; the resulting money was largely spent on the railway network in accordance with plans laid out by the rail regulator.<ref name = "wolmar 2005"/><ref name = "parliament summary2010"/> Between its creation and late 1998, the company reportedly had a relatively calm relationship with its first economic regulator, [[John Swift QC]], who exercised a strategy of encouraging Railtrack to make its own commitments towards improvement.<ref>{{cite web |url = http://www.rail-reg.gov.uk/server/show/ConWebDoc.5537 |title = Railtrack to give further commitments |archive-url = https://web.archive.org/web/20080906175607/http://www.rail-reg.gov.uk/server/show/ConWebDoc.5537 |archive-date = 6 September 2008 |publisher = Office of Rail Regulation |date = 16 July 1998}}</ref> According to the railway historian [[Christian Wolmar]], the regulator had intentionally acted weak as to avoid complicating the creation and privatisation of Railtrack.<ref name = "wolmar 2005"/>
 
In January 1996, the British government confirmed its plans to privatise Railtrack for £2 billion with a total asset value of £4 billion.<ref name = "trainselloff bbc2000"/><ref name = "sciencemuseum summary"/> During May 1996, the company was [[initial public offering|floated]] on the [[London Stock Exchange]], albeit at a lower than planned price, allegedly in response to a threatened intervention by the [[Labour Party (UK)|Labour Party]].<ref>{{cite news |url = https://query.nytimes.com/gst/fullpage.html?res=940CE1D81739F931A35756C0A960958260 |title = Britain Puts Price On Railtrack Shares |newspaper = [[The New York Times]] |date = 2 May 1996 |access-date = 12 January 2012 |archive-date = 28 July 2020 |archive-url = https://web.archive.org/web/20200728132041/https://www.nytimes.com/1996/05/02/business/international-briefs-britain-puts-price-on-railtrack-shares.html |url-status = live }}</ref><ref name = "timeline guardian2002">{{cite news |url = https://www.theguardian.com/world/2002/jun/27/transport.uk |title = Timeline: Railtrack |newspaper = The Guardian |first1 = Mark |last1 = Tran |first2 = Sarah |last2 = Left |first3 = Philip |last3 = Pank |date = 27 June 2002 |access-date = 5 December 2022 |archive-date = 5 December 2022 |archive-url = https://web.archive.org/web/20221205011030/https://www.theguardian.com/world/2002/jun/27/transport.uk |url-status = live }}</ref> This action effectively privatised Railtrack, although the company remained closely intertwined with the British government from an operational standpoint.<ref name = "wolmar 2005"/><ref name = "parliament summary2010">{{cite web |url = https://researchbriefings.files.parliament.uk/documents/SN01224/SN01224.pdf |title = Railways: Railtrack, 1994–2002 |date = 24 March 2010 |website = parliament.uk |first = Louise |last = Butcher |access-date = 5 December 2022 |archive-date = 19 December 2022 |archive-url = https://web.archive.org/web/20221219194843/https://researchbriefings.files.parliament.uk/documents/SN01224/SN01224.pdf |url-status = live }}</ref>

Railtrack's initial operations were disrupted by an [[industrial dispute]] that largely ran between June and September 1994;<ref>{{cite news |url = https://www.independent.co.uk/news/uk/the-rail-dispute-railtrack-chief-gives-no-surrender-message-horton-in-uncompromising-mood-as-union-clashes-with-br-over-the-number-of-trains-running-1447605.html |title = The Rail Dispute: Railtrack chief gives 'no surrender' message: Horton in uncompromising mood as union clashes with BR over the number of trains running |newspaper = The Independent |first = Barrie |last = Clement |date = 8 September 1994 |access-date = 5 December 2022 |archive-date = 5 December 2022 |archive-url = https://web.archive.org/web/20221205012907/https://www.independent.co.uk/news/uk/the-rail-dispute-railtrack-chief-gives-no-surrender-message-horton-in-uncompromising-mood-as-union-clashes-with-br-over-the-number-of-trains-running-1447605.html |url-status = live }}</ref><ref>{{cite web |url = https://www.heraldscotland.com/news/12733066.tories-held-to-blame-for-rail-strike-labour-poll-backs-unions-stance/ |title = Tories held to blame for rail strike. Labour poll backs union & APOS's stance |publisher = heraldscotland.com |date = 5 July 1994 |access-date = 5 December 2022 |archive-date = 5 December 2022 |archive-url = https://web.archive.org/web/20221205014211/https://www.heraldscotland.com/news/12733066.tories-held-to-blame-for-rail-strike-labour-poll-backs-unions-stance/ |url-status = live }}</ref> at one point, the company's management proposed dismissing all of its signallers, comprising roughly 4,600 staff.<ref>{{cite news |url = https://www.independent.co.uk/news/railtrack-proposes-mass-sackings-to-end-strike-1446103.html |title = Railtrack proposes mass sackings to end strike |newspaper = The Independent |first = Barrie |last = Clement |date = 1 September 1994 |access-date = 5 December 2022 |archive-date = 5 December 2022 |archive-url = https://web.archive.org/web/20221205012913/https://www.independent.co.uk/news/railtrack-proposes-mass-sackings-to-end-strike-1446103.html |url-status = live }}</ref> Railtrack's first chief executive, John Edmonds, pursued a strategy of disposing of engineers and [[outsource|outsourcing]] their work wherever possible with the goal of reducing costs.<ref name = "wolmar 2005"/><ref name = "Edmonds obituarytelegraph">{{cite news |url = https://www.telegraph.co.uk/obituaries/2020/05/27/john-edmonds-executive-forced-radical-changes-british-rail/ |title = John Edmonds, executive who forced through radical changes at British Rail – obituary |newspaper = The Telegraph |date = 27 May 2020 |access-date = 4 December 2022 |archive-date = 4 December 2022 |archive-url = https://web.archive.org/web/20221204234626/https://www.telegraph.co.uk/obituaries/2020/05/27/john-edmonds-executive-forced-radical-changes-british-rail/ |url-status = live }}</ref> Within its first few years of operation, Railtrack appeared to perform well financially, annual profits were recorded while its share value quadrupled within a relatively short timeframe.<ref name = "wolmar 2005"/> Furthermore, during the mid-to-late 1990s, several high-profile investment projects in cooperation with train operators and other partners were announced by the company.<ref name = "sciencemuseum summary"/> However, as early as 1997, Railtrack was being criticised for paying little attention to infrastructure investment.<ref name = "Edmondreplace independent1997">{{cite news |url = https://www.independent.co.uk/news/business/beleaguered-railtrack-seeks-big-hitter-to-replace-edmonds-1257605.html |title = Beleaguered Railtrack seeks 'big hitter' to replace Edmonds |newspaper = The Independent |first1 = Sameena |last1 = Ahmad |first2 = Andrew |last2 = Yates |date = 22 June 1997 |access-date = 5 December 2022 |archive-date = 5 December 2022 |archive-url = https://web.archive.org/web/20221205000549/https://www.independent.co.uk/news/business/beleaguered-railtrack-seeks-big-hitter-to-replace-edmonds-1257605.html |url-status = live }}</ref>