The impact of the privatisation of British Rail has been the subject of much debate, with the stated benefits including improved customer service, and more investment; and stated drawbacks including higher fares, lower punctuality and increased rail subsidies. The privatisation of British Rail began in the 1990s.

The privatisation of British Rail was the process by which ownership and operation of the railways of Great Britain passed from government control into private hands. Begun in 1994, the process was largely completed by 1997. The deregulation of the industry was in part motivated by the enactment of EU Directive 91/440 in 1991, which aimed to create a more efficient railway network by creating greater competition.