The economic fallout from Covid-19 has created new vulnerabilities and exposed deep inequalities and insecurities in our society that long predate this crisis. Most clearly, the economic pain and uncertainty induced by the rapid demobilisation of large parts of the economy in response to the public health emergency are being disproportionately borne by workers and communities forced to grapple with widespread layoffs, exploitation, health and safety violations, and a social security system substantially weakened by a decade of austerity. Policy measures enacted in response to the emergency must also address structural inequalities in the economy so that it emerges from the crisis significantly more resilient, and firmly rooted in social justice.
A core focus of the response to the economic fallout has been efforts to prevent the collapse of affected businesses, many of which have experienced a stark contraction in demand. Among the sectors hit particularly hard by the crisis is transportation, with rail franchises in England being nationalised – at least provisionally - following the suspension of franchise agreements to transfer “all revenue and cost risk” to the government. In Scotland, ScotRail is also set to be temporarily nationalised.
While the scale of the crisis has triggered several significant public policy interventions, including these measures for the rail sector, the UK government stepping in to save private rail companies is far from new, with the East Coast rail service being nationalised in 2018 amid financial turmoil, followed by Northern Rail in January of this year, and then South Western Railway, which faced the possibility of nationalisation this January after losing £137million in the financial year to March 2019. This reactive model of socialising losses while privatising profits has long defined the railway industry throughout the UK.
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