If it was a real private market they’d let the firm fail and the investors would take a haircut. Then either someone who could turn a profit while running a decent/affordable service would take over; or the govt would.
We’re stuck in the worst of both worlds where it’s a privatised monopoly which is unable to fail.
Exactly correct. We need to let them all fail.
Then goodbye every UK resident’s pension that are invested in the water companies.
That’s why they’re “too big to fail”. You let them fail, you’ll throw people who are about 40 to 50 years old into further reliance on the state pension.
Better to prosecute the C-level executives and take the company back into public ownership.
I’ve pondered on this a bit.
Maybe the funds that thought it was appropriate to put for-profit public utilities in a pension fund should be the responsible parties, along with the water company executives they put in position to facilitate the asset stripping.That’s something I’d like to see. Never going to happen in the UK.
In the 2008 financial crisis, I think Iceland was the only country to jail their irresponsible bankers.
A proper pension is diversified. They don’t invest entirely in one sector of business.
Unless you’ll managing your own pension in which case that’s your fault.
That’s a fair point I hadn’t considered.
Out of interest I actually have just looked at how my pension is diversified and almost all of it is incredibly diversified. A lot I’d it is in pharmaceutical companies, and technology companies, but there’s even investors in a company that makes things like electric fences and barbed wire, I guess because the barbed wire industry is not going to crash anytime soon.
If we are invested in water companies I can’t find them, so they mustn’t be a very significant percentage. And anyway why would they be? This scandal has been going on for so long that any pension management companies would have long since sold.
Stop privatising infrastructure you maniacs.
How do you go bankrupt selling a life essential that falls out of the sky for free?
Ofwat should only allow this on the provision that executives bonuses are removed, shareholders don’t receive any dividends for the next decade and the current heads of the water companies have to be dragged through a river every week.
I’ve previously advocated for the the first 1000L of any sewage runoff to be directed through executive’s houses.
Now that is a nice idea, but I wouldn’t be surprised if that just forces them into their holiday homes abroad.
Isn’t there a church somewhere that still has a ducking stool? I’ve had an idea. Wonder if they’ll rent it out.
If they leave the country, we can assign a man with a portable bucket of sewage.
We will have no issues finding such a man: Most of Thames Water’s customers would pay for the privilege.As one of those people, I’m very happy to volunteer. Or maybe we make it compulsory like jury duty.
I currently live in Scotland, but I could do with a vacation to follow a rich cunt round with a bucket of sewage
problem is then that shareholders will pull their money and invest elsewhere leaving the taxpayer to pick up the pieces. clever privatisations always leave the public purse to bail out any losses 😒
the solution: don’t privatise in the first place. it’s like selling all your shit at a pawn shop
Water companies have been heavily criticised for widespread leaks and the amount of sewage being discharged, which critics have blamed on under-investment in the country’s infrastructure.
…
Southern Water is owned by Australian firm Macquarie which has faced fierce criticism for the period when it was Thames Water’s biggest shareholder.
In five of the 10 years it owned Thames, the company paid out more in dividends than it made in profits, while debt rose from £2.5bn to over £10bn in the same period.
“Mum, I need money to repair my bike.”
“We gave you money to repair your bike.”
“Oh I spent it on sweets for me and my mates.”
Nationalise the lot of them. They had their chance.
Their chance to do what…? This was always about handing them a gravy train.
Water firms can get in the fucking sea.
Hasn’t enough toxic waste been dumped in there already?
Just out of curiosity: the article states finite amounts to pay each year. Do you Brits pay one sub or do you pay for consumption (eg per Liter)?
Both. Some households, usually in older buildings, pay ‘water rates’ based on the size of their property. Others, including all newly built homes, have water meters which report usage back to the company. We pay for supply of clean water as well as transportation and processing of surface water run-off and sewage.
Ah good, so my bill will rise and then my landlord will up the rents to cover whatever water shit she has to pay too. Brill. Love this Cuntry.
JuSt BuY a HoUsE
I have a house and for some reason they still make me pay water bills. Madness.
Also now the poor quality décor is my fault. I’m not into it.
