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I'd argue that the upswing had started in the 1980s and took a hit along with the economy between black monday (87) and ERM2 crash/black wednesday (92)

https://en.wikipedia.org/wiki/Impact_of_the_privatisation_of...

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The privatization took years however, it wasn't an overnight thing. A lot of the process was just writing down and professionalising a lot of aspects that were previously ad-hoc, so the benefits started before the precise date drawn on the graph. The law was passed in 1993 but preparations began before that, it was clear this was going to happen even in 1991.

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