Thames Water nearing the cliff edge.

[motorbiking]

It should never have been otherwise.

And I'd have no problems with a "we are taking it back, no compensation, f--- off" approach. THe only people that would dissuade from future "investment" in the UK would be more of the sort of people who gleefully privatised the profits and socialised the losses, and I would love it if we never saw them again.

As much as I agree that we should not compensate foreign pension funds with tax payers money. It makes future funding a little difficult and the cost of government borrowing a lot more expensive.

 

[morqthana]

It does not make future funding of the sort that these businesses need (things like source of the funds, the returns expected, and over what time) harder. And an economy not in hock to foreign pension funds and venture capitalists might be more attractive to people lending to the government.

 

[SPLINE]

We were better off when all utilities and services were all Nationalised, it's how it should be, British Gas, British Rail

That is accepted wisdom amongst quite a lot of people, but it isn't necessarily true, and it isn't at all logical. What makes you think that a government would run these things better? Our last few governments have been utter bunches of ar$eholes!

These services should never have become privatised company's.

Try looking at it a different way - all of these industries can be traced back to starting out as private concerns, but were 'nationalised' (i.e. confiscated) by communist governments. Government has no business in businesses.

 

[JohnD]

Business likes to own natural monopolies, especially the ones that give them a licence to loot money from the nation.

The taxpayer built and funded them. The citizens depend on them. The nation is expected to dig the temporary owners out of the hole they dug by shovelling out loans and profits.

When we do, we need to take back ownership.

The days of Thatcherism have gone.

 

[JohnD]

"Gill Plimmer in London
Published 10 HOURS AGO

Water companies have breached official guidance on discharging sewage at 65 popular swimming sites in England since the start of the bathing season, risking public health at the busiest time of year for coastal areas.

Effluent was released for a total of 117,001 hours from 1,165 combined sewage overflows located close to popular swimming areas between mid-May and July 21, according to Surfers Against Sewage (SAS), which uses real-time discharge data provided by water suppliers.

Some 129 of the overflows affecting 65 bathing waters had breached guidance from the Environment Agency, the pollution watchdog, which allows two spills for a site to be classed as “excellent” or three for the beach to be deemed “good”, “sufficient” or “poor”, the campaign group said.

The overflows come as tourists flock to beaches across the country for summer holidays and will add to pressure on privatised water companies, which have been accused of paying excessive dividends to shareholders and salary packages to executives while failing to invest in infrastructure.

More than 80 per cent of the public support water company renationalisation, according to a YouGov poll this year, and Prime Minister Andy Burnham has vowed to increase “public control” of the sector without providing more detail."

FT.com

 

[Mottie]

My mate worked for Thames water at the Beckton treatment plant. He told me more than 30 years ago, before privatisation, that they would regularly fill barges with raw sewage, tow them out into the estuary and unload it all on an outgoing tide so it’s not just privatisation that is the cause of the pollution.

 

[fixitflav]

My mate worked for Thames water at the Beckton treatment plant. He told me more than 30 years ago, before privatisation, that they would regularly fill barges with raw sewage, tow them out into the estuary and unload it all on an outgoing tide so it’s not just privatisation that is the cause of the pollution.

Not raw sewage, there'd be too much of it! It would be primary sludge, from the primary sedimentation tanks, typically 5% solids.
Until it was banned, late last century IIRC, primary sludge from sewage works in Liverpool and Manchester was routinely taken out and dumped in the Irish Sea. Mostly biodegradable, the thinking at the time was it didn't do much harm.

 

[morqthana]

What makes you think that a government would run these things better? Our last few governments have been utter bunches of ar$eholes!

Nationalised industries are not run on a day-to-day basis by "the government"

 

[Mottie]

primary sedimentation tanks

Talking of sedimentation tanks, if they are the tanks I’m thinking of, I remember him saying that they were like tomato farms!

 

[Brigadier]

Talking of sedimentation tanks, if they are the tanks I’m thinking of, I remember him saying that they were like tomato farms!

I've got bad news for you on that score.

 

[Mottie]

I've got bad news for you on that score.

Just looked them up. Not them. These, I think? The open tanks? May have been different 30+ years ago.

 

[Justin Passing]

If the creditors were paid off (18bn)and the shareholders offered 1p in the £ to go away, or get nothing, then the company, which has an underlying profit of about 1.25Bn, is a reasonable proposition as a Utility company. There is an ongoing need to improve its infrastructure, not sure how much.
HMG doesn't have 18Bn...
Maybe get Dyson to buy it, he could clean up....