After World War II, the low price of domestic coal meant steam trains continued to operate in the UK for two decades. But when the price of oil started to fall in the 1960s, and so-called 'dieselisation' began, it marked the beginning of the end for steam.
Diesel engines were faster, easier to maintain, and cleaner. And on 12 August 1968, British Railways imposed a ban on all mainline steam traffic – though there were still some heritage services running, and some locomotives were used in industry until the 1980s.
The last mainline steam passenger train ran ahead of the ban on this day in 1968 from Liverpool via Manchester to Carlisle and back. It was named the Fifteen Guinea Special, because of the high prices charged for the trip – £15 15s 0d is the equivalent of £250 today. As a comparison, a second-class 'anytime' open return for the same journey today would cost £101. Despite the cost, 450 rail enthusiasts joined the tour to say their goodbyes to over 138 years of British history.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Four locomotives took turns to pull the final excursion: three nameless Class 5s and the Britannia-class Oliver Cromwell, which was the last steam locomotive to be overhauled by British Railways. Three out of the four locomotives have been preserved, with Oliver Cromwell taking almost four years to restore to working condition.
The ban on steam was lifted in 1971, paving the way for the many heritage specials now operating on the railways.
-
MoneyWeek Readers' Choice Awards Winners – 2025The MoneyWeek Readers' Choice Awards 2025 celebrate the products and services that help you make, keep and spend your money. Here are this year's winners.
-
UK growth: opportunities amid tariff turbulenceIain McCombie, joint manager of the Baillie Gifford UK Growth Trust, explains how adaptable UK companies in growth-driving sectors can prosper over the long term despite international trade restrictions.
-
31 August 1957: the Federation of Malaya declares independence from the UKFeatures On this day in 1957, after ten years of preparation, the Federation of Malaya became an independent nation.
-
13 April 1960: the first satellite navigation system is launchedFeatures On this day in 1960, Nasa sent the Transit 1B satellite into orbit to provide positioning for the US Navy’s fleet of Polaris ballistic missile submarines.
-
9 April 1838: National Gallery opens in Trafalgar SquareFeatures On this day in 1838, William Wilkins’ new National Gallery building in Trafalgar Square opened to the public.
-
3 March 1962: British Antarctic Territory is createdFeatures On this day in 1962, Britain formed the British Antarctic Territory administered from the Falkland Islands.
-
10 March 2000: the dotcom bubble peaks
Features Tech mania fanned by the dawning of the internet age inflated the dotcom bubble to maximum extent, on this day in 2000.
-
9 March 1776: Adam Smith publishes 'The Wealth of Nations'
Features On this day in 1776, Adam Smith, the “father of modern economics”, published his hugely influential book The Wealth of Nations.
-
8 March 1817: the New York Stock Exchange is formedFeatures On this day in 1817, a group of brokers moved out of a New York coffee house to form what would become the biggest stock exchange in the world.
-
7 March 1969: Queen Elizabeth II officially opens the Victoria Line
Features On this day in 1969, Queen Elizabeth II took only her second trip on the tube to officially open the underground’s newest line – the Victoria Line.
