British Coal was a former British corporation consisting of the assets of various coal mining firms which had been nationalised. Some of these firms were bankrupt or otherwise financially-troubled and nationalisation allowed them to continue in operation and to provide their workers with employment. Working conditions were also improved under nationalisation in some instances. In any event, nationalisation of major industries (the so-called commanding heights of the economy) was long the basis of the programme of the Labour Party during its socialist era; the formation of British Coal occurred beginning during the time of Labour leader Clement Attlee as Prime Minister during the late 1940s.
Many of the mines nationalised under British Coal were older, inefficient operations which were nearing the end of their useful life under any circumstances; the corporation required large subsidies from the Government in order to remain in operation. When Conservative leader Margaret Thatcher became Prime Minister in 1979, her economic programme centred around the elimination of subsidies and the privatisation of most nationalised industries, including British Coal, which was eventually accomplished.
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