Public Utility Regulation in Britain: Some Lessons from the pre-1945 Experience

Abstract

The system of public utility regulation untoduced following privatisation has been the object of much criticism but, subject to reform, is likely to survive any change of government. Much discussion of the present regulatory regime, if it takes a historical perspective, does so primarily with the nationalisation experience after 1945 in mind. This paper takes a longer term view by suggesting that the pre-war mixed system of regulation is worthy of investigation as indeed is US regulation in that period. The paper focuses towards the end on some important criticisms of the present regulatory regime and compares these with concerns in that earlier experience.