In 1990, Margaret Thatcher was replaced by John Major as Prime Minister. The Thatcher administration had already sold off nearly all the former state-owned industries, apart from the national rail network. In its manifesto for the 1992 general election the Conservatives included a commitment to privatise the railways, but were not specific about details. They unexpectedly won the election on 9 April 1992 and, consequently, had to develop a plan to carry out the privatisation before the Railways Bill was published the next year. The management of British Rail strongly advocated privatisation as one entity, a British Rail PLC in effect. John Major favoured the resurrection of something like the "Big Four" companies that had existed before 1948. The Treasury advocated the creation of seven, later 25, passenger railway franchises as a way of maximising revenue. The Treasury view prevailed.