Railway regulations and the role of the regulator

This paper attempts to (i) explain some key principles of regulation (ii) outline the influences that are still at work shaping in shaping its application, and (iii) describe the main parties, their functions and duties, which together form the regulatory regime in which Britain´s railway industry is now operating. It concerns both safety and economic regulation. This paper traces how these two themes are reflected in the regulatory structure and it discusses how recent changes have merged the two aspects of regulation into a new structure from 1 April 2006.