I don't think you've got that right. There is an extra level: Network Rail - the gov owned infrastructure, rails etc. Rolling Stock - privately owned trains

I don't think you've got that right. There is an extra level: Network Rail - the gov owned infrastructure, rails etc. Rolling Stock - privately owned trains Operators - lease rolling stock, employ staff, sell tickets The problem we have is that the operators are barely profitable so always cutting quality/service because there is this other layer of private rolling stock company acting as landlords which are sucking all the profit out. We have a similar problem with energy. There are the customer facing providers which are basically a brand and a call centre which are selling the power from energy generation companies. When they get trapped in some bad contract as a gamble on the energy market, they go bust. It feels like a deliberate con that the customer facing providers, the brands the public knows about, keep going bust and earn public ire from their crap services but they are really scapegoats for a less visible layer of private company which are doing the real profiteering as landlords.