Some Pricing Problems of National Industry in the united Kingdom

In common with nationalised industries in other countries, those of the U.K. have onerous economic and financial obligations to observe. They are enjoined to produce their commodites and services in an economically efficient manner, in the sense that they are expected to operate in exact conformity with consumer wishes and minimize the costs of the outputs they provide. Moreover, the industries under public ownership are required to operate in the 'public interest', however that term is defined and interpreted by the Government of the day and the managers of these public undertakings. Since, moreover, the nationalised industries produce in conditions of monopoly or quasi-monopoly, all these requirements taken together pose complex problems in economic policy.