Page 3 | Another bail out whilst the rest of us suffer

Tryingtofit · 2023-06-28T19:58:34+00:00

Fed up listening to news, tax payers bailing out another company whilst the rest of society has to bare the brunt of real life. *Water bills have been on the rise, with the annual bill for an average household in England and Wales hitting £448 in April.* *Bills are set to rise again in 2025. * *It came after the Times reported bills could rise by as much as 40%, a figure Mr Eustice dismissed, saying it would be "far lower".* *Shadow energy secretary Ed Miliband said the situation at Thames Water was "an absolute scandal".Asked whether the company should be nationalised, he replied: "I don't think the answer to the water company's crisis is to pay out billions of pounds to shareholders, when that money could be going into sorting out what is happening in the water industry".*

Apricotflanday · 29/06/2023 08:08

It was insane and immoral to privatise essential resources. Water shouldn't be a commodity. This was easily foreseeable and foretold when it was privatised.

Swrigh1234 · 29/06/2023 08:10

As usual, people can only stretch their minds as far as criticizing privatization. It’s lazy because doing anything else takes more brain power.

It’s not an either/or. The public doesn’t have to accept publicly run services which are always bad, always. The stories pre nationalization are infamous. The public also doesn’t have to accept under investment and poor service in privately owned utilities.

We pay the regulators big bucks to manage this by on our behalf. And these civil servant regulators fail to do so time and time again. They are absolutely woefully incompetent. Why is no one holding the those to account that failed to do their jobs and ensure the system works as it should.

Pizzatrip · 29/06/2023 08:13

Thames water needs to give returns to its investors (although it hasn’t paid dividends to them in 5 years) or it will not attract investors, as it’s value is unlikely to increase and reward investment that way.

Investment in assets and money assigned to leakage and sewage spills is dictated by Ofwat (the government)..

https://capx.co/knee-jerk-nationalisers-have-no-idea-how-the-water-industry-actually-works/

Knee-jerk nationalisers have no idea how the water industry actually works - CapX

It’s a pattern as predictable as the water cycle itself. Britain has a drought. The newspapers discover that billions of gallons are being wasted through leaks. There is unanimous agreement that the water companies must be punished. The Guardian calls...

https://capx.co/knee-jerk-nationalisers-have-no-idea-how-the-water-industry-actually-works/

ReleasetheCrackHen · 29/06/2023 08:14

Swrigh1234 · 29/06/2023 08:10

As usual, people can only stretch their minds as far as criticizing privatization. It’s lazy because doing anything else takes more brain power.

It’s not an either/or. The public doesn’t have to accept publicly run services which are always bad, always. The stories pre nationalization are infamous. The public also doesn’t have to accept under investment and poor service in privately owned utilities.

We pay the regulators big bucks to manage this by on our behalf. And these civil servant regulators fail to do so time and time again. They are absolutely woefully incompetent. Why is no one holding the those to account that failed to do their jobs and ensure the system works as it should.

This logic that it is the civil servant inspectors and regulators fault that a private company has scammed the public and run up billions in debt, is rather like blaming the police for all crime.

SovietSpy · 29/06/2023 08:15

Utilities should be run as non-profit. I’ve seen things online about how an Australian investment bank used to own TW and basically asset stripped it and left it with all this debt. In a supposedly regulated industry. In the Financial Services sector the regulators have the power to fine or even jail any senior managers found of wrong doing so why can’t we have the same powers in the water, transport and energy sectors?

Our population has expanded massively and no new investment in reservoirs and infrastructure. It’s a disgrace.

Swrigh1234 · 29/06/2023 08:21

ReleasetheCrackHen · 29/06/2023 08:14

This logic that it is the civil servant inspectors and regulators fault that a private company has scammed the public and run up billions in debt, is rather like blaming the police for all crime.

Show quote history

Yes, exactly that. Don’t the police enforce the law with the minority of law breakers? At least, they used to.

Thats exactly what needs to happen with a minority of industries with bad practices. It’s what we pay regulators for.

Savoury · 29/06/2023 08:31

SovietSpy · 29/06/2023 08:15

Utilities should be run as non-profit. I’ve seen things online about how an Australian investment bank used to own TW and basically asset stripped it and left it with all this debt. In a supposedly regulated industry. In the Financial Services sector the regulators have the power to fine or even jail any senior managers found of wrong doing so why can’t we have the same powers in the water, transport and energy sectors?

Our population has expanded massively and no new investment in reservoirs and infrastructure. It’s a disgrace.

Macquarie though it’s the investment arm not the bank.

LittleLegsKeepGoing · 29/06/2023 08:45

SovietSpy · 29/06/2023 08:15

Utilities should be run as non-profit. I’ve seen things online about how an Australian investment bank used to own TW and basically asset stripped it and left it with all this debt. In a supposedly regulated industry. In the Financial Services sector the regulators have the power to fine or even jail any senior managers found of wrong doing so why can’t we have the same powers in the water, transport and energy sectors?

Our population has expanded massively and no new investment in reservoirs and infrastructure. It’s a disgrace.

Welsh Water is run as a not for profit - it is possible in the UK