Regulators are failing to protect the public; it’s time for a total overhaul | Business

In the 1980s the UK embarked on an ambitious round of privatisation under Margaret Thatcher. It started with the sale of shares in well-known state-owned businesses, including British Airways, British Telecom and British Gas, and then it continued with the privatisation of the electricity, water and rail industries. Most recently, in 2013, Royal Mail was privatised after nearly 500 years of state ownership.

The great hope of privatisation was that consumers would benefit, both through a more business-like and efficient approach from management, and from lower prices. But there was a risk. Many of the privatised companies were either national or local monopolies, and if they sought to exploit their monopoly position in the private sector, consumers would not benefit. So a mechanism was needed