Indeed. The only UK rail franchise still in public hands is also the only one that makes money for the state rather than requiring a public subsidy.

So, with impeccable logic, the government has privatised it.

Presumably, while in public hands though profitable, it has not been paying dividends.

I wouldn't be at all surprised if some of our services eventually get renationalised through a legal challenge based on competition law opening up the bidding again, as the whole logic breaks down rather completely at the point at which you try and fix it by banning any foreign publicly owned industry from bidding, then realise that you have knocked out most of the best qualified bids.

> Presumably, while in public hands though profitable, it has not been paying dividends.

But it has been returning money to its "shareholder", the government, which is kind of analogous.

I was being cynical. While profits are going to the government it is hard to line your own pockets through buying shares, or get appointed to the board after leaving office.