Railways 1921 grouping act done differently

What if the 1921 railways act had regrouped the railways in a way similar to that recommended by several people several reports(including Eric Campbell Geddes) and created regional companies, as well as a single Scottish company, and not four companies radiating from London.

However unlike what these recommendations suggested, have all the Great Western and London North Western operations in Wales merge with the Cambrian Railways to form a single Welsh company. Surely Lloyd George, being a Welsh nationalist would have supported that?
 
Lord Brisbane is v knowledgeable about this: unfortunately he's on an extended sabbatical.

Possible butterflies within London: IOTL, Southern Railways exploited their monopoly power to prevent much expansion of the London Underground south of the Thames. How would one company responsible for London and the south-east area behave?
 
I've also heard ideas kicked around to make the LMS smaller - in fact that's what I model! In my alt-grouping act, LNER, SR and GWR pretty much exist as in real life (though with electrification thanks to Raven on the East Coast Mainline.) the Midland Railway forms the basis for the central line north from London via the Settle and Carlisle. I model the fictional Great North Western Railway which is primarily old LNWR metals along the WCML.

Of course in my universe nationalisation never occurred so we're in 1964 with the steam engines of Stanier and RA Riddles (Gresley took his steam to the Midland IITL :) )making their last stand on the GNWR, but that's a whole different story...
 
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