South East Water as well.

[JohnD]

"South East Water spent more on dividends and interest than infrastructure"

"The British water company that let the taps run dry for thousands of households this summer paid more in dividends and interest payments over two years than it put into the company’s ailing infrastructure, according to University of Greenwich research

South East Water, which serves 2.2mn customers across Kent, Sussex, Surrey and Berkshire, distributed £156mn in dividends over the two years to March 2022, according to its most recent accounts. It also paid £72.8mn in interest to service its £1.4bn debt over the same period

The interest and dividends total £232mn and surpass the £179.8mn in capital expenditure spent on infrastructure between 2020 and 2022, including replacing leaky pipes and providing adequate capacity in water tanks and reservoirs."

FT.com

I have heard the view that the owners of these companies should not be blamed for looting them. They are in business to maximise profits, and if they are offered the opportunity to damage the nation, will do it.

In the same way that cigarette companies should not be blamed for recruiting schoolchildren as lifelong addicts, to replace their customers whom they hurry into a early grave.

The blame belongs to whoever has the responsibility of defending our country and our citizens.

Larry the Cat could do a better job.

 

[Odds]

Larry doesn't mind.
He prefers milk.

 

[Ivor Windybottom]

You can't blame the capitalists that bought the shares before raiding their assets.

You can blame the government that sold them in the first place.

But hopefully the shares will become as worthless as a heavily indebted company now is, and the government will do the right thing and take over the assets for a nominal fee, leaving the shareholders and lenders with heavy losses (but after decades of massive profits). I doubt it though, that sort of thing would only happen in a fair democracy that was run for its people, not the corrupt fleecing operation that our country has become.

 

[motorbiking]

Water companies were privatised 34 years ago. I'm not sure Larry the cat was alive then and Rishi Sunak was just 10 years old.

But lets blame him anyway.

Utilities have been privates across the EU and the world, must be the conservative governments fault.

 

[JonathanM]

Apart from the general cases of England and Wales and specific cases in the Czech Republic, the ownership of water infrastructure across Europe is public.

https://www.eureau.org/resources/pu... cases,infrastructure across Europe is public.

 

[JohnD]

Rishi Sunak

The current setup, allowing public services to be looted, is the responsibility of a government.

Only a government can change it.

Stop me if I'm going too fast for you.

 

[JohnD]

.

 

[Ivor Windybottom]

I consider myself a capitalist. I run a business. But to me it's obvious that privatising monopoly utilities made absolutely no sense at all.

Anyone thinking that the free market has all the answers doesn't understand reality.

 

[motorbiking]

Until you have the freedom to buy from whichever provider you choose. I completely agree.

 

[carmanmemoranda]

Until you have the freedom to buy from whichever provider you choose. I completely agree.

Just like all those utility companies that suddenly went bust

 

[Odds]

Until you have the freedom to buy from whichever provider you choose. I completely agree.

The people of Bolivia had other ideas.

In Bolivia, shifts towards the privatisation of water supply and sewage services caused strong dissatisfaction, resulting in the eruption of social conflict. Because of the severe dissatisfaction, action was taken to cancel the previous agreements and instead launch a forum where government representatives, social organizations, the private sector and municipalities participate to formulate a new policy. This case illustrates the crucial importance of rooting policies with the public.

Lessons Learned @ theGWP.org.

 

[motorbiking]

So like pirates, the states simply demands the hand over of the assets without compensation?

It would cost the tax payer huge amounts of money to buy back Water utilities and GD would be in uproar that the government was handing money to the very people that "looted" the sector.

It may be easier to follow the approach to rail and simply take control, once the foreign pension company's appetite for water utilities had dried up.

 

[Odds]

So like pirates, the states simply demands the hand over of the assets without compensation?

It would cost the tax payer huge amounts of money to buy back Water utilities and GD would be in uproar that the government was handing money to the very people that "looted" the sector.

It may be easier to follow the approach to rail and simply take control, once the foreign pension company's appetite for water utilities had dried up.

'In Bolivia...This case illustrates the crucial importance of rooting policies with the public.'

It's in the public interest to have clean water at an affordable price for everyone. As things stand, water companies factor in the costs of breaking the law to pollute our rivers without fear of prosecution and the public pay through the nose for a sub-standard service at the risk of paying even more when the private companies debt becomes too much of a burden. Many people bought into the original flotation of these companies and were blissfully happy to make £2oo-£300 by selling them back. They made a quick profit at the expense of handing control over to these companies who went on to rampage through the Private sector without giving an F. for the general public, remaining satisfied to appease their shareholders. Britannia Unchained? Unhinged, more like.

 

[JohnD]

So like pirates, the states simply demands the hand over of the assets without compensation?

Oh, is that your suggestion?

It would cost the tax payer huge amounts of money to buy back Water utilities

A group with enormous debts may have quite a low net value.

It may be easier to follow the approach to rail and simply take control, once the foreign pension company's appetite for water utilities had dried up.

Being forced to comply with regulations on leakage and sewage pollution would be a terrible shock to the poor dears. Being prevented from mercilessly looting and damaging the nation would destroy the business model.

The party that blocked the Wellington Amendment will not be in power forever.

 

[JohnD]

...It would cost the tax payer huge amounts of money...

Hmm, £1 billion in 2021. I wonder if the value has gone up or down since then.

"An investment bank has bought a majority stake in Southern Water...
...Macquarie Group said the company's past failings had been "unacceptable" and promised to reduce pollution.
Southern Water deliberately dumped billions of litres of sewage into rivers and seas between 2010 and 2015 to save money, a judge ruled.
As part of the £1bn acquisition...."

Let's put that into perspective:

NHS Test and Trace cost £13.5 billion in its first year - Full Fact

£37 billion is its two year budget, but it only spent £13.5 billion in its first year, which is less than expected.

fullfact.org

I'll grant it is more than the Bra Baroness spent on her yacht.

Scots bra baroness exposed in £200 million pound contract scandal

The Scots tycoon previously denied helping the firm secure the lucrative contract.

www.scottishdailyexpress.co.uk