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John Prescott

Info about John Prescott

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Prescott had a stormy relationship with the privatisation of the railway industry. He had vigorously opposed the privatisation of the industry while the Labour Party was in opposition, and disliked the party's policy, established in 1996 just before the flotation of Railtrack on the London Stock Exchange, of committing to renationalise the industry only when resources allowed, which he saw as meaning that it would never be done. [citation needed] Reluctantly, he supported the alternative policy, produced by then shadow transport secretary Clare Short, that the industry should be subjected to closer regulation by the to-be-created Strategic Rail Authority (in the case of the passenger train operators) and the Rail Regulator (in the case of the monopoly and dominant elements in the industry, principally Railtrack). The policy was spelled out in some detail in the Labour Party's statement in the June 1996 prospectus for the sale of Railtrack shares, and was widely regarded as having depressed the price of the shares. [citation needed]