Writing Resources
The word nationalisation is defined as the procedure that a government carries out to take control of a specific company or industry that usually occurs without reimbursement for the deficit of the net worth of captured possessions and probable revenue Wollmann 2014 The act might be the outcome of a nation's effort to unite power the bitterness of foreign tenure of industries signifying considerable position to native economies or to pop up deteriorating industries In the United Kingdom the concept of nationalisation reached its peak between the years of 1946 and the early 1950s In the year 1946 the Bank of England became nationalised by the new Labour government of Clement Atlee Rhodes 2011 The bank was also the first organisation to become nationalised in the country In the year 1947 the coal industry was nationalised when around 800 coal mines were shifted to the public ownership and a National Coal Board NCB was created to handle the industry on the commercial aspects However later the industry was privatised again in the year 1997 In the year 1984 the railways were nationalised so that the network infrastructure was rebuilt and the rolling stock was re equipped The latter was done to deal with the destructive effects of the World War II Steel was nationalised in the year 1949 but it became privatised later on by the new Conservative government Wollmann 2011 In the year 1967 it was renationalised when around 90 of steel capacity was taken under control by the British Steel Corporation BSC However it again became privatised in the year 1988
