In Great Britain outside Greater London, bus transportation is provided by the market rather than a public service, and are privately owned and operated, except in Northern Ireland, where it is publicly provided and delivered.
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London buses are all cashless, so you need an Oyster card, Travelcard or contactless payment card to ride. Bus fare is £1.75, and a day of bus-only travel will cost a maximum of £5.25. You can transfer to other buses or trams for free an unlimited number of times within one hour of touching in for your first journey.
Bus fares in London are subsidised to the tune of nearly £1bn a year, as Stagecoach observed in your article. As it is, there are four times more bus trips than rail, which gets a subsidy of £5bn a year.
The current operator, London Underground Limited (LUL), is a wholly owned subsidiary of Transport for London (TfL), the statutory corporation responsible for the transport network in London.
It was under Thatcher's successor John Major that the railways themselves were privatised, using the Railways Act 1993. The operations of the BRB were broken up and sold off, with various regulatory functions transferred to the newly created office of the Rail Regulator.
Following privatisation in 1993, British Rail – a publicly owned company responsible for running the railway – was divided into over 100 separate companies.