Oral history interview with Theo Steel, conducted and recorded by David Wharton-Street at the interviewee's home in Southend on 17 April 2018. Duration: 2 hr. 35 min. 24 sec. Career to 1988; Channel Tunnel Rail Link (CTRL); Eurorail; appointment as Director to Regional Railways South Wales and West (RRSW&W); bidding process for Class 158 1990; delegated authorities from Regional Railways Headquarters; direct reports and roles; Regional Railways Profitability Study; interface with other sectors; Cardiff Valleys passenger services; new stations; changes caused by formation of Railtrack 1994; privatisation white paper 1992; track access agreement; separation of South Wales from RRSW&W into a separate Company; management of fares structure; Rail Safety Case 1994; attitude of staff to privatisation; London and Continental Railways (L&CR); CTRL Bid with Societe nationale des chemins de fer Francais (SNCF); Eurostar loadings and effect on finances; Virgin successful bid for West Coast; European Night Services; North London Line electrification for Eurostar; L&CR restructuring; First Great Eastern Franchise; First Group; track access; Association of Train Operating Companies (ATOC); amalgamation of all Anglia into one Franchise; Strategic Rail Authority (SRA) role; National Express Anglia; personal effects of privatisation; changes in industry since 1991

One of over 150 oral history recordings made as part of the Britain’s Railways All Change (BRAC) archive project. BRAC was set-up to cover gaps in documenting the railway privatisation process in the United Kingdom, between 1994 and 1997, when the government-owned British Rail was dismantled into over 100 privately-owned companies. The interviews capture the recollections of people involved in the planning and implementation of the privatisation process, the management of change and running the railway during privatisation.