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A draft of the Labour Party's general election manifesto has been leaked, revealing plans to nationalise the railways. Dr Richard Wellings is head of Transport at the free-market think tank the Institute of Economic Affairs. He tells Â鶹Éç Radio 4's The World at One that taking the railways back into state ownership is a bad idea as there are poor incentives "for innovation... and cost control" which could result in "the inefficient state ownership we saw in the 1970's" (Photo: Train passes through Dawlish, Devon Credit: Getty Images)