UK train economics

Describe the institutional structure of UK railways, including the roles of Network Rail, train operating companies (TOCs), and the Department for Transport.

Explain the current contracting arrangements between government and operators following the Williams-Shapps reforms.

Distinguish the responsibilities and funding sources for infrastructure (Network Rail) versus train operations (TOCs).

Analyze the economic rationale for the Office of Rail and Road's (ORR) key regulatory functions, such as setting track access charges and overseeing competition.

Analyze the structure and economic purpose of track access charges levied on train operators.

Contrast the business models and incentives of open-access operators versus contracted operators, and analyze their respective impacts on competition and fares.