I'm with you to an extent, ETA. It was water privatisation that became the step-too-far for me in Thatcher's time. She'd sorted out a few things that needed sorting out, sold off some things that governments should never own in a month of Sundays, but then privatised the water board. Too much.
BR was awful. The rolling stock was decrepid. It was overstaffed, unionised, strike-ridden, unpunctual, unreliable. Nonetheless, rail tickets were affordable. There has to be a better system than going back to BR, but it certainly isn't what we have at the moment. It's particularly galling that so many of the franchisees are state railways from other countries.
My biggest gripe (well it isn't that as there is no prospect of Labour having the chance of implementing the policy) is that Labour would have to borrow billions and billions to even start such a programme of renationalisation. We simply don't have the money to do it. Living within your means seems such a fundamental notion at any level, and this is just symptomatic of Labour's age-old spend-spend-spend mentality. Tax and spend..........someone else will sort out the economic mess afterwards. This is fundamentally why no Labour government until Tony Blair's ever won re-election.