Thames Water says it needs 59% bill rise to survive

Comments

• T00l_shed@lemmy.world ⁨2⁩ ⁨months⁩ ago

  Sounds like it should be nationalized.

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  • HumanPenguin@feddit.uk ⁨2⁩ ⁨months⁩ ago

    Yeah but wait till they collasps.

    Otherwise they will claim they have value. And I do not trust the gov not to agree,

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    • SubArcticTundra@lemmy.ml ⁨2⁩ ⁨months⁩ ago

      Well pointed out

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  • thr0w4w4y2@sh.itjust.works ⁨2⁩ ⁨months⁩ ago

    I agree.

    But the realist in me knows it won’t be allowed to happen.

    I know that the government will have to service a £15bn debt through borrowing, which will raise interest rates, mortgages, rents and require cuts to public services to pay for. That is on top of the investment needed over the next few years to stop sewage leaking into rivers and leaks of millions of litres a day.

    In addition I know that pension funds and large investors will lose substantial sums of money and will look to divest from similar risks, which could lead to more utility companies becoming insolvent. A snowball effect.

    Finally, I know that international investment in the UK will be seen as more risky.

    What the government will be doing now is weighing up those risks against the cost of raising bills by the 59% that the water companies and industry bodies are asking for. If the worst should happen, will taxpayers be better off with a couple of hundred extra £ on their water bills to pay, or potentially a lot worse off with a rapid nationalisation of multiple firms.

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    • T00l_shed@lemmy.world ⁨2⁩ ⁨months⁩ ago

      Service the debt by selling assets of the C suite that got them into this mess. Charge corporations real taxes and levy fines and penalties that are realistic to the damaged caused. Essential services should never be private because this is exactly what happens. And the end user is penalized, and a couple hundred extra € will continue to increase until noone can pay their bills, and then the business will go insolvent anyway, and people will be left without water service anyway.

      We need to stop subsidizing corporate failures, so they can privatize the profit.

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• hellothere@sh.itjust.works ⁨2⁩ ⁨months⁩ ago

  The system is old cos you’ve done nothing but extract money for three decades, you fucking brass necked cunt.

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• Emperor@feddit.uk ⁨2⁩ ⁨months⁩ ago

  “No rational investor is going to put their money into water right now.”

  Because they shouldn’t be making big profits out of it.

  Hand the franchise back and at least if it is being run on a not-for-profit basis then we’ll know that they aren’t taking the piss because public confidence has been eroded by all the piss-taking.

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  • Lifebandit666@feddit.uk ⁨2⁩ ⁨months⁩ ago

    To be fair it IS their job to take the piss. It is just that they should be processing it instead of pumping it into rivers and such

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    • SubArcticTundra@lemmy.ml ⁨2⁩ ⁨months⁩ ago

      They should be taking the piss, but instead they’re taking the piss.

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• 10_0@lemmy.ml ⁨2⁩ ⁨months⁩ ago

  POV: nationalize Thames Water and not give it back to foreign leaders

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  • Zip2@feddit.uk ⁨2⁩ ⁨months⁩ ago

    Absolutely, and then start the criminal proceedings against its former leaders.

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• Coldcell@sh.itjust.works ⁨2⁩ ⁨months⁩ ago

  Then it shouldn’t survive. It’s not clawing the funds back from Macquarie shareholders, who got paid the funds that should have been used on infrastructure repairs is it?

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• HumanPenguin@feddit.uk ⁨2⁩ ⁨months⁩ ago

  Cool. Hands up anyone who care if they die.

  OK tax anyone with there hand up.

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• Blackmist@feddit.uk ⁨2⁩ ⁨months⁩ ago

  Guess they’ll die. What a shame.

  That’s what happens when you fail to maintain things for 30+ years, syphon off all the money for shareholders, and then cry poverty when the government decides that just flushing everyone’s shit into the river isn’t an acceptable way to deal with it.

  Tighten the rules further and nationalise any company that can’t keep up. Should never have been privatised in the first place. I, a fairly normal person, cannot pick and choose which company provides my water like I can with electricity, gas and internet. So what’s the point of having a company run it?

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• topartinno@lemmy.world ⁨2⁩ ⁨months⁩ ago

  Excuse me but why are we paying for their mistake?

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