Airbrushed out from history (apart from those who were there , and made it happen) , was that BR in the late 1980's was a very efficient organisation and improving, much of the benchmarking against other European countries proved so and it was the double recessions that tipped the balance (particularly the fall in Central London employment and the collapse of the property development business aligned to railway lands etc - the latter of course cross subsidised operations) - "BR" was getting a subsidy top up far less than what happened post 1996 , and both Inter City , freight and very nearly Network South East made positive cash contributions)
Yes it was not perfect by any means , but it really did try hard in often quite challenging times , and there were options for more investment from sensible sources , but the Treasury stopped that. Ironically the latter sort of forced the disasterous path to the 1996 break-up of the whole show. BR did have "staff wise" a general sense of unity , and an awful lot of employees were not motivated by masses of renumeration , but by a desire to provide a decent service to the public. Well I was anyway and I quite enjoyed it for much of the time.
Anyway - the future may be hordes of operators lining up for cost based "concessions" - so we shall see what happens. Worked well in the past did it not ?