ABSTRACT

This analysis sets the UK privatisation process in its policy context and examines both declared intentions and underlying motives. Three phases in the privatisation programme are identified: the denationalisation of financially successful enterprises (‘eliminating the fringes’); more ambitious proposals involving the public utility sector (‘denationalising the monopolies’); and the development of plans for loss-making enterprises in public owner-ship (‘finishing the job’). The notion of people’s capitalism is shown to have assumed major political significance. The structure of government has itself played a role in determining the pace and style of privatisation policy, with the process of rolling back the State paradoxically characterised by an unprecedented centralisation of political power.