Thatcher (and later Major) did the same in other places e.g. deregulating the City, privatising the railways. Pretty much the same story there, with monster profits and seriously degraded infrastructure.
If you are in the business of doing absolutely anything to maximise profit, then you need to be of the opinion that your changes are a good idea for the population as a whole, otherwise you'll feel guilty. The belief that competition always makes things better for everyone, regardless of the observed outcome, fits the bill here.
