Yes, they were doing alright. Infact they even worked out how to run a state owned railway. '
If they'd left it at that, and perhaps worked out how to gradually increase investment to match passenger growth, they might yet be remembered as the saviours of the railway.
But they didn't leave it at that.
Rail Archive comes up trumps again.
http://www.railwaysarchive.co.uk/docsummary.php?docID=125
From 1991. This one is interesting. The author was looking at a very optimistic picture of rail growth over the next decade, such as the New Kent Main Line, a GWML stock replacement, the Networker Project, track upgrades throughout NSE, Thameslink 2000 (that's when it was supposed to happen), Crossrail (supposed to be finished now), Cross Country time savings, new and faster freight vehicles, hi-cube-compatible wagons and so on. There were good examples of the overall trends, costs per passenger-mile were coming down, rolling stock age was coming down, journeys were getting quicker, freight tonnage was going up and basically everything was running like a railway [lame pun].
Nice job breaking it, Mr Major!