Well no, the infrastructure is not really privately-owned since Network Rail is owned by the government. But I agree that in an actual privately-run system franchises should cover all those costs. Of course that would mean even higher fares.
In any case, railways are expensive and need significant investment. In terms of financing the question is then to find the the sweet spot between fares and public spending (i.e. taxes).
Neither privatisation nor nationalisation are silver bullets. As is often the case it is a question of good management and customer focus. That being said, it is hard to imagine a system with real competition because of the very nature of railways, which tend to be natural monopolies. That being the case, state ownership may make sense, with the caveat that it should be well managed along private sector standards.
In any case, railways are expensive and need significant investment. In terms of financing the question is then to find the the sweet spot between fares and public spending (i.e. taxes).
Neither privatisation nor nationalisation are silver bullets. As is often the case it is a question of good management and customer focus. That being said, it is hard to imagine a system with real competition because of the very nature of railways, which tend to be natural monopolies. That being the case, state ownership may make sense, with the caveat that it should be well managed along private sector standards.