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nationalized industries

Industries, such as coal, electricity, and rail, that have by statute been taken into public ownership. They are administered by ministerially appointed boards (rather than by government departments). The minister controls and is accountable to Parliament for matters of general policy, but the day-to-day affairs of the industries are managed by the boards alone and are not subject to detailed parliamentary scrutiny. Nationalized industries (including gas) have been progressively returned to the private sector through privatization, mainly by being floated on the Stock Exchange as *public companies.

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