Mehdi Hasan: Renationalise the railways? Please do.

Will Self triumphs on BBC Question Time.

My fellow New Statesman columnist - and the new professor of contemporary thought at Brunel University - Will Self put in a typically brilliant performance on BBC1's Question Time last night, especially on the subject of rail privatisation.

He interrupted a rambling answer from fellow QT panellist and Conservative cabinet minister Eric Pickes to say:

I merely seek to observe that the [rail] subsidy was £1 billion before [when] they were nationalised, in real terms, and it's now £4 billion.

He continued:

The fundamental mistake - and there were many mistakes about the privatisation of the rail system - but the most fundamental mistake was rail travel, your journey to work, is not a fungible good and that means it cannot be exchanged for anything else. You can't get to Guildford station and think: 'Oh I want go to work in London today. I'll go to Mars on this new rocket train that's been provided by this splendid private company'.

It was a ludicrous idea from the get-go and the particular way that they did it with the track hived off from the rail operators has caused absolute chaos, some dreadful crashes and the current predicament that you find yourselves in.

"So what would you do?" asked Pickles. Self replied, to huge applause from the Surrey audience:

I'd renationalise it.

The 16-year rail privatisation experiment has been an utter disaster. Above-inflation increases in UK train fares - that are now the highest in western Europe - make it more and more unpopular as time goes by. Tory ministers, their cheerleaders in the right-wing press and their Blairite fellow-travellers in the Labour Party often forget - or choose to ignore! - that there is a clear majority in favour of renationalisation of the railways - on the left and the right. The inconvenient truth for ministers is that the likes of Bob Crow - and Will Self! - are more in touch with voters than they are. And the recent row over multi-million-pound, taxpayer-funded Network Rail bonuses - which were eventually and reluctantly waived by Network Rail bosses after public outcry - didn't do the privatisation cause much good. It was another reminder of how messed up the system is.

In fact, as transport expert Christian Wolmar wrote back in October 2008, a month after the start of the financial crisis:

[W]hat New Labour refuses to let on is that the railways are effectively largely publicly-owned anyway. Network Rail, which owns the infrastructure, is a company without shareholders that is dependent on government backed debt (to the tune of £20bn), for its survival. It receives billions in annual grants direct from government and is, to all intents and purposes, a state-run enterprise.

Wolmar also pointed out that with Network Rail already in public hands, it would cost little or nothing to "renationalise them", once the train operators decided to hand back their franchises when their terms expired or once they got into financial difficulties.

This isn't just an ideological or political argument; it's financial. A recent study by the Transport for Quality of Life thinktank found that renationalisation could save the taxpayer £1.2 billion a year "through cheaper borrowing costs, removing shareholders' dividends and reducing fragmentation". £300 million alone, said the study, would be saved if train operating companies were taken into public ownership.

It's a no-brainer: the time has come to renationalise the railways. It would be a popular, effective and money-saving move in our current "age of austerity". Ed Miliband and Maria Eagle - are you listening?

Mehdi Hasan is a contributing writer for the New Statesman and the co-author of Ed: The Milibands and the Making of a Labour Leader. He was the New Statesman's senior editor (politics) from 2009-12.

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Europe's elections show why liberals should avoid fatalism

France, Germany and the Netherlands suggest there is nothing inevitable about the right's advance.

Humans are unavoidably pattern-seeking creatures. We give meaning to disparate events where little or none may exist. So it is with Brexit and Donald Trump. The proximity of these results led to declarations of liberalism's demise. After decades of progress, the tide was said to have unavoidably turned.

Every election is now treated as another round in the great duel between libralism and populism. In the Netherlands, the perennial nativist Geert Wilders was gifted outsize attention in the belief that he could surf the Brexit-Trump wave to victory. Yet far from triumphing, the Freedom Party finished a distant second, increasing its seats total to 20 (four fewer than in 2010). Wilders' defeat was always more likely than not (and he would have been unable to form a government) but global events gifted him an aura of invincibility.

In France, for several years, Marine Le Pen has been likely to make the final round of the next presidential election. But it was only after Brexit and Trump's election that she was widely seen as a potential victor. As in 2002, the front républicain is likely to defeat the Front National. The winner, however, will not be a conservative but a liberal. According to the post-Trump narrative, Emmanuel Macron's rise should have been impossible. But his surge (albeit one that has left him tied with Le Pen in the first round) suggests liberalism is in better health than suggested.

In Germany, where the far-right Alternative für Deutschland was said to be remorselessly advancing, politics is returning to traditional two-party combat. The election of Martin Schulz has transformed the SPD's fortunes to the point where it could form the next government. As some Labour MPs resign themselves to perpeutal opposition, they could be forgiven for noting what a difference a new leader can make.

2016 will be forever remembered as the year of Brexit and Trump. Yet both events could conceivably have happened in liberalism's supposed heyday. The UK has long been the EU's most reluctant member and, having not joined the euro or the Schengen Zone, already had one foot outside the door. In the US, the conditions for the election of a Trump-like figure have been in place for decades. For all this, Leave only narrowly won and Hillary Clinton won three million more votes than her opponent. Liberalism is neither as weak as it is now thought, nor as strong as it was once thought.

George Eaton is political editor of the New Statesman.