The UK rail network was nationalised in 1948 with the Big Four (Great Western Railway; London, Midland & Scottish Railway; London & North Eastern Railway; Southern Railway) replaced by British Rail.

Were the stock owners of the Big Four compensated and how?


According to the wikipedia page for the Transport Act 1947, nationalization was effectively a rescue act because the "big four" were bankrupt.

In terms of compensation for their owners, it says:

Shares in the railway companies were exchanged for British Transport Stock, with a guaranteed 3% return chargeable to the [British Transport Commission] and were repayable after forty years.

Whether this was a good deal for the owners appears to be a matter for debate.

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