Thames Water: Will government save water company from collapse?

[@georgecaplin9075]

Privatisation: if it goes well, the shareholders get dividends. If it goes badly, the public get a bill.

[@YA-hm5zy]

Even if it goes badly shareholders get dividends

[@vzxvzvcxasd7109]

Thanks tortes, thanks thatcher. Thanks

[@redaelsayed6753]

That's what they call : " Corruptalista Capitalista..Asta Lavista, Give me my Dividents Baby."! 🤗😳😱

[@smellslikethinice1107]

The people always get the bill. Its corporate socialism.

[@musitecture.vienna]

@@dc6807 many of the controlling interests are offshore investment funds. Good luck looking for tax revenue from them!

[@theresenydahl9531]

How can the UK be "sovereign" when they don't own anything in their country, from car manufacturers to sewage and water companies that every Brit rely on?🙄 Not everything should be privatised and in the hands of foreign shareholders, water and sewage systems should stay owned by the government. It's about vulnerability, the UK is not running anything in their own country.

[@zytoses9223]

You'd think that we'd have a public resources provider wouldn't you. A means to get the very basics to sustain human life, ie water and electricity. Allowing these necessities to be privatised gives control to corporate giants to decide costs for their benefit and in cases like thames water put people at risk.

[@nicholasdickens2801]

Yep. The didn’t tell that to the masses during the Brexit debacle.

[@frankoys2010]

Laughable. 🤣🤣🤣

[@patriciacopley8284]

Well said!!

[@hithere9393]

Should've voted for Corbyn then

[@MrDeadhead1952]

I've been waiting since water privatisation for someone to explain to me what competition there is in the Water business. I live in London so the only company I can get water and sewerage from is Thames Water. By it's nature the Water Inductry is a natural monopoly which should never have been removed from public ownership and the current state of Thames Water proves it.

[@DanteLovesPizza]

There is no competition and it's not just London, it's across the UK. Every water company runs water for a section of the country and there is no overlap, so if they tenfold the price, there's nothing you can do. Unlike energy, you can't switch, but that said, the energy market collapsed and now there is no one to switch to, since all the little competition have just died. Privatisation improves quality. I mean, we can't pretend water as we have it now would be what it is if it was under government control, since there's no way the government would fund it properly for improvement. But privatisation increases cost and exposes it to turd like this. That said, if we're being absolutely honest, privatising meant money is being tipped into shareholders' pockets, which is terrible, but publicly owned just means the money would be tipped into ministers and theirs cronies' pockets, which is equally as terrible. If anyone here thinks publicly owned means this wouldn't happen, then wow, which rock have you been living under? A six figure salary after two years results in an offshore bank account holding tens of millions, like yeah, that totally adds up, because that offshore account is held by their wife's sister's boyfriend's pet dog's chew toy.

[@pedromorgan99]

You misunderstand big time..... is a "competition for the profits"... .. think finance...

[@markwilkie3677]

@@DanteLovesPizza No its not across UK. Scottish water is in public ownership, and with no shareholders to pay is over 5Bn in the black.

[@gordoncharles741]

@@DanteLovesPizza I think the pizza has addled your brain.

[@DanteLovesPizza]

@@markwilkie3677 No, you misunderstand. My comment on "across the UK" referred to a monopoly and there is no competition for water supply. If you're supplied by Scottish Water, you don't have an alternative supplier. It's the same across the UK, water suppliers don't overlap each other's territories.

[@patrickokeeffe539]

They tried to privatise water in Ireland, we protested big time, it is still public. Who thinks this is the only company???

[@nineteen8026]

Never vote to privatise water. The crooks will take over and install meters.

[@kenroyforte6175]

Crazy that we have to bail out these companies over and over again

[@BenWillock]

As long as people keep voting for neoliberal parties, they will keep privatising core public infrastructure (and underfunding that which they can't privatise). Keir Starmer and Ed Davy won't do what's necessary and bring in legislation to re-nationalise water, energy & public transport, and until someone does things will keep declining.

[@gnhonho]

It's almost like it makes no sense to privatize a service company of public interest.

[@b62boom1]

That's because privatisation is used to funnel our money into the pockets of the already wealthy.

[@anthonyharris2930]

They know you'll accept it not that you've got a choice

[@misc_channel]

@@danielwood2901 Labour are just as bad and you know it

[@williemacdonald72]

Shareholders take money out, they should be legally obligated to pay in when needed.

[@JasmineMaryLouise]

I think you should be prime minister lol

[@pauln6803]

Thing is though, they might be beneficiaries but they aren't in charge of how the money is divvied up. It's the board of directors that essentially bribe the investors in order to get them to agree to big pay awards for themselves.

[@nicholasdickens2801]

That’s how it works in the world. Oh and massive regulatory failure and governments ignoring it all.

[@geze4137]

​@@nicholasdickens2801government's don't ignore it! They are the problem! They do not represent the population anymore! They represent themselves & their interests as has allways been.

[@williemacdonald72]

@@nicholasdickens2801 happily here in Scotish Water is publicly owned still. Money made is reinvested and not paid out to shareholders.

[@BC_26fhj]

Why should the taxpayer be on the hook to bailout mostly Tory shareholders?

[@julianshepherd2038]

That's how the UK works.

[@muratdagdelen8163]

Of course you must. you were born to serve to Tories

[@brerhare9118]

because we keep voting for them, silly

[@jameschamberlain5817]

​@@julianshepherd2038thats how the corruption works is more accurate

[@pauln6803]

​@@brerhare9118 Well generally the majority of the electorate hasn't voted Tory. It's the first past the post system that allows them to stay in power.

[@Vintaronica]

Water, Gas, Electricity should all be state owned. The roads should be state owned, hospitals, you know what anything that involves supply of essential services to the public should be paid for directly by taxes with no profits. It’s very simple.

[@YA-hm5zy]

Railways too.

[@vylbird8014]

@@YA-hm5zy The British approach to railways is uniquely weird. You buy a ticket from A to take a train operated by B, owned by C, maintained by D, operating on rails maintained by E. B gets a local monopoly, which they purchase from the government.

[@YA-hm5zy]

@@vylbird8014 it's just how many ways can we cut this pie. They have absolutely sucked everything out of the British public in every area. While making themselves very rich. The service is an absolute joke.

[@888ssss]

you mean like communism ?

[@Vintaronica]

@@888ssss no. Communism isn’t central government supply of essential services to its people. It’s just common sense. Communism is the propagation of everyone being the same, this is not what I am saying. Democracy and capitalism can work, with industry that its supposed to work with, but when it comes to public essentials, the police, hospitals, water and sewerage, energy, and everything else that comes with it, this is no place for private companies to make profits for shareholders. It’s paid from the taxes of those capital gains from companies, private taxpayers and it should be used to deliver the essential services that the people rely on with no profits being the goal. It should be taxes to meet the needs of the people and private companies run by the people.

[@ronaldyarrosh4457]

This is what you can expect to happen when you privatize public services. No one should be surprised.

[@DanteLovesPizza]

I'm neither for nor against privatisation, because I see the good and bad of both sides, but have you ever imagined what state run water supply would be like in the UK? I live in an area supplied by Northumbrian Water. I would consider the price dear, but their water quality is normally voted top in the UK. At the same time, UK water quality is usually considered to be top 5 in the world. This literally means, despite from a small town, the water supply I get is top 5 in the world. This is what privatisation has brought. There's absolutely no way I'm getting this water quality if this supply was run by the government, I'm beyond certain on this.

[@petitpoucet8113]

@@DanteLovesPizza Top 5 water 🙄 im sure some remote african region can do better without infrastructure and pesticides in their soil and seriously these day advanced country recycle sewage water what "quality" are u talking about

[@DanteLovesPizza]

@@petitpoucet8113 You can take that up with professionals that actually measure water quality. Or maybe you're unaware of the rest of the world's circumstances and take it for granted. Talk about being privileged, ey?

[@T10_E]

It already is privatised you planks!!

[@T10_E]

@@DanteLovesPizzawell great- Thames water was privatised 40 years ago though..

[@stevenhenry5267]

No public services should ever be privatized.

[@jjefferyworboys8138]

A recipe for waste and inefficiency. Look at the state the NHS, just imagine every public service being in the same mess ?

[@KazeHorse]

@@jjefferyworboys8138it’s inefficient with privatisation too. They have invested almost nothing since privatising Thames water. It’s called milking the asset - the government gave them public assets at pennies to the pound then let them milk those assets into worthlessness. If that’s what’s you call efficiency, count me out.

[@Matazuma]

A service that every person in a nation needs to survive should not be private, make it public

[@jjefferyworboys8138]

A recipe for waste and inefficiency.

[@aceman0000099]

​@@jjefferyworboys8138yep, more reasons it should be public.

[@simonjones4855]

​@@jjefferyworboys8138stop repeating your dumbfuck opinion everywhere without backing it up.

[@cpuuk]

Let's see, they have been private since 2006, have paid out £72B in profits to shareholder, yet can't plug a leak because they claim they are skint... sure ¬_¬ Let it fail, then we buy it back cheaper. No way should we bail them out, they would only give the money to shareholders and still fail at some point in the future.

[@wolfen210959]

Incorrect, they have been private since 1989, Thames Water has been sold and re-sold several times since then, the most recent was in 2006.

[@danh9442]

Same old story: privatise the profits, socialise the losses. The government have no interest in regulating this corporate disgrace. Maybe the market principle should not apply to essential things like water ? Just a thought.

[@lukedinsmoreharris3068]

Privatisation is going well I see. Thanks Thatcher and the Tories 😂

[@christinefiedor3518]

Maggie said private companies knew better how to handle business than state owned who had a habit of wasting money. A classic example would be the NHS . It’s easy to spend other people’s money sorry I mean tax payers money! What Maggie didn’t bank on was the corporate greed and sheer incompetence.

[@ChickpeatheTortie]

I remember back in the late 70's very early 80's demonstrating against all this. The crazy part is the vast majority of Tory voters were ordinary every day workers - oh well we've got what they voted for.

[@user-fw5tr8ht1e]

Water industry debt of 60 billion.... Dividends paid out of 66 billion. So basically they borrowed all the money, paid it to themselves and now want to hand back the keys. This is the highest level of corruption. Sieze their accounts and assets. How does this keep happening!!!

[@KazeHorse]

Yep. Hold each shareholder, regardless of size liable for the debt. Own 1% of Thames water? Congrats you own £660mn of debt. If they had any backbone they’d make it unbankruptable like student debt.

[@PluralRecursion]

As soon as the noise around the water companies not investing in infrastructure and paying out massive dividends started to gather momentum and resonate with the public. These problems magically appear. I get the feeling the dividends and the debt would have grown for years more if the calls for major investments weren't being heard so loudly. I would love to see who sold their shares in the company within the last few months also. Did any tory ministers or friends of ministers just magically know to sell up before this announcement. I imagine the Tory pension funds aren't invested in Thames water but the nurses, doctors and teachers pensions probably are no doubt.

[@MeiinUK]

Not when the companies have managed to kill off the population, such that the government realises that the population figures are dropping off like flies.... and that they are no longer MPs. Cos there are no people to provide water with !!! So yeh.. you would think that the penny finally drops !

[@CT-nc9ku]

The fact that a company supplying something as necessary as water is stock listed is an absolute disgrace. The fact that it can lose billions is a scandal. Look forward to hearing exactly how they’ve lost it and how we as tax payers are once again going to bail out the governments mates.

[@dalehufton8194]

I think the Tories were running out of things to privatise at the time. She was stealing from tomorrow, knowing she'd be dead by the time it all went wrong.

[@anthonyharris2930]

@@dc6807 Tell yourself why they are in debt? They gave 60 billion to shareholders and now want us to fund their corruption. The corruption is mindblowing

[@samgrainger1554]

How can dividends be greater than debt?

[@gnhonho]

Debt of a service company of public interest is a public problem.

[@SA-ff9uc]

@@gnhonho Who lent them the money? They must have been insane.

[@gnhonho]

@@SA-ff9uc on the contrary, it's guaranteed money back. The water company cannot go under, people need water.

[@wolfen210959]

@@SA-ff9uc The owners loan the money to the company, which is used to offset tax, which means the owners get paid three times, and the company pays no tax. Profits go into offshore accounts of the owners, the owners receive loan installments plus interest, and finally, dividends. It's win, win, win, and the only losers are the customers and the treasury.

[@samgrainger1554]

@@SA-ff9uc here, here. Take it back and don't pay the "investors" a dime.

[@t-rex4211]

Ahh so the gov calls for less sewage into rivers which will cost these private companies billions and now all of a sudden they’re going bust. Investors pulling out and selling their shares? Keep public services publicly funded.

[@greenknitter]

This is what happens when you privatise essential services. Here in Ireland we fought to keep water in state ownership-ie Uisce Éireann (Irish Water).

[@franciscouderq1100]

It is criminal to hand over pay outs to investors when the company is financially in trouble. People who voted for such should be held accountable in a court of Justice.

[@JohnCosmas]

Thames Water introduced an on-line water leakage reporting system, which I used a year ago and got no acknowledgement, reply or action. Basically they do not care.

[@cdean2789]

The leakage rate from Thames Water pipes is the highest for five years and the company will not meet its target to plug them this year, according to information released under freedom of information laws.

[@KazeHorse]

Yep totally useless. Im sure it made a nice slide on an investor relation presentation a few years ago though…

[@danielclarke1505]

Publicly seize it from the private investors and pay back the debt over time.

[@Rakz108]

I live in the UK and am so scared like what is going on with this country ??? 😠😠😠

[@emm_arr]

Thatcherism is eating its tail now.

[@KneelBeforeZod.]

B - R - E - X - S - H - I -T

[@mildlydispleased3221]

Tories.

[@gnhonho]

It seems, from a distance, that you are governed by psychopaths.

[@sarangistudent8614]

@@mildlydispleased322113 years of ‘em

[@TheWtfnonamez]

I used to work for a company that was bought by Macquarie Group.... It has been alleged that they moved in, completely recapitalised the company with insane loans from Macquarie's own bank, they had an "efficiency drive every six months or so where managers were simply told to "cut overheads at any cost", starting wages went down year on year, they did anything they could to make people redundant, and hollowed out the company. Similarly they offered what the government would consider to be "an essential service" so Macquarie relied on the fact that the government would step in if things went south. They eventually sold the company for a big fat profit, as a shining example of "private enterprise". A few years later the new owner realised it was all smoke and mirrors, and once they really understood what was going on, it dawned on them that all they had really done was buy a giant pile of debts owed to Macquarie's own banks;.... allegedly. Does this story sound familiar?

[@simonwood1402]

Why do they need a cash injection when they have been milking the public for year upon year? 💷 💧 💷

[@Decrepit_biker]

The basic infrastructure such as water, roads and power should be in public hands. Privatisation doesn't work for these things.

[@mjrc123]

And yet this government (and many others) is unable to run itself, let alone adding more and more public infrastructure to their list of responsibilities. Rock and hard place comes to mind.

[@Decrepit_biker]

@@mjrc123 I agree that the current government is a bunch of bumbling fools, but the infrastructure itself wouldn't be run by politicians, but rather by professionals in that industry. This was always the case, the government is like a merry go round, always changing. Public ownership comes with its own issues without a doubt. But it also comes with advantages.....A major positive difference being that shareholders wouldn't skim money off of the top constantly. Any money generated could be invested back into the infrastructure, not sucked out of it. 71 billion paid out in dividends for the water industry since privatisation, 64 billion of debt run up...... now imagine how much better the infrastructure would be if that 71 billion had been invested into it? Yes we would still have that debt, but we might just have a functional system to show for it. Instead we have what will be a huge public debt and a collapsing water system, that'll cost another how ever many billion to fix.....

[@Troy-McLore]

Should not be allowed to pay out dividends if you are in debt. Debt is not profit & yes I know how it works but that doesn't make it right.

[@KazeHorse]

No, you are right. In fact in many private companies, if their debt rises faster than their profits, they withhold dividend payments. Which obviously makes it less attractive of an investment but it reflects the real world situation of a company that aims to survive. The fact that they took out debt to service their dividends strikes me as a core corruption issue. They never intended to make the company survive, they just wanted to pay themselves as much as possible and make the public pay off the debt.

[@paulprice2362]

As soon as it was announced that the infrastructure for water supply needed updating, costing millions of investment... no one else see this one coming? Thames today & all the rest will follow, be the same with trains & other privatised service providers! Thank you to every politician involved with this, over the decades 👏

[@MrPaulorange]

Yes there seems to be a pattern over the last few decades doesn't there?😮

[@FatRonaldo1]

There is absolutely no reason for water to be in private hands. I have no choice on which provider I get my water from so there is no incentive for them to improve service or lower prices. If they make profit, we lose through higher payments and if they fail, we pay through bailouts

[@AJ_Battle]

If you look at who actually owns Thames water you have: China Investment Corporation, Queensland Investment Corporation, Infinity Investments SA, Stichting Pensioenfonds Zorg en Welzijn. Maybe we should be asking the Austrialia, China and Saudia Arabia governments to pay for bail it out as thats where all the money has gone.

[@yetidodger6650]

the government were paying attention, they knew exactly what was happening.

[@EamonCoyle]

Why should the government bail out Thames Water with taxpayer money. As with any other company if it goes bankrupt and the entity is subsequently liquidated it allows the infrastructure and resources they leave to be bought up for pennies, and given the government have ultimate oversight they can have first refusal on it all. That sounds like better use of public funds, and an easy way for the infrastructure to brought back under public ownership. At the end of the day a government bail out simply bails out the shareholders !!

[@hkaur4487]

Private companies that provide public services should be not be allowed to take on so much debt. There needs to be regulatory safeguards against the self-interest of share-holders.

[@ST-nm1hp]

They wouldn't be in this situation if they stop giving out ridiculous amount of bonuses and dividends.

[@jjefferyworboys8138]

Shareholders who don't receive dividends tend not to remain shareholders and without investors the company has no future.

[@TassieLorenzo]

@@jjefferyworboys8138 So make services and infrastructure publicly owned... Profits go back into the service, as it should do.

[@squareggs]

Darren Jones is the guy to watch, fantastic in select committees hope to see him on the front benches.

[@cdean2789]

I love his grilling of these fat cats

[@marvintpandroid2213]

Let it go bust

[@thebunit6492]

An abject disgrace. Sarah Bentley should be investigated. You don't just walk off and days later her company is about to collapse.

[@hockeyfanice7371]

Its a sham and a disgrace through sheer greed by the directors of Thames Water , it should be renationalised NOW, without any compensation along with the rest of them. So much for tory privatisation, thank you mrs thatcher🤬🤬🤬🤬

[@DivineLove247]

When they are taking Bonuses in the Millions,.... They are happy not to share their Profits with us. When they makes losses,... They want to share their losses with us,..... Does that make sense?

[@jjefferyworboys8138]

The alternative is to let the business fail and then deal with the fall out. When its something as essential as water failure isn't an option.

[@TassieLorenzo]

@@jjefferyworboys8138 Then the bailout package needs to be in exchange for equity being returned to the British Government.

[@alice1374]

Could easily save money by nationalising the lot. 24 billion over 140 billion. Plus the companies would work more effectively being in public ownership

[@TassieLorenzo]

@@dc6807 "SA Water is a successful, modern water utility that is wholly owned by the Government of South Australia. We employ more than 1,400 South Australians across a broad range of disciplines who operate over $14 billion of assets. We deliver essential water and sewerage services to more than 1.7 million South Australians." Seems to work...

[@alice1374]

@@dc6807 Everything would get upgraded, and work for the people not for the profits though. Under privatisation it's all profit not for the people. Water companies shouldn't be allowed to get away with this.

[@alice1374]

@@dc6807 The companies themselves should pay for it. If they had the funds. Clearly Thames Water doesn't although this pictures a much bigger picture as to which water firm is next. Ultimately in a working democracy, with things working for people I would be fine if taxpayers money was used to upgrade the infrastructure we rely on so much. it becomes a problem when taxpayers money goes to dividends and shareholders.

[@alice1374]

@@dc6807 The £4.1bn project designed to clean up the Thames by preventing more than 95% of sewage spills. While the project is based in London, its benefits extend beyond the city, including a healthier ecosystem, positive impacts on wildlife, tourism, and the economy, and the introduction of new processes and technologies. Plus the Govt already said they would step in if it goes above that amount.

[@alice1374]

@@dc6807 While it is understandable to have concerns about the cost of the project, it is important to consider the long-term benefits it will bring such as those I just mentioned.

[@TheStickman17]

They never pay their debts. They privatised the losses and run off with the profits . They take out subsidised loans and pay it out to shareholders instead of improving the company

[@benghiskahn3673]

Its called moral hazard. They have no incentive to run a well functioning and successful company in the conventional sense because they, like the banks, know that they will be either bailed out or taken into public ownership. They cut back investment, milk the dividends and load up the debt knowing full well that the Government will step in once it all goes sour. This is exactly what privatisation was and is all about. Not competition or sustainability, just getting the boy's snouts in the trough for an all you can eat feast.

[@cobbler40]

I love the way the senior management flit off with a golden goodbye to move on to another company. No accountability same as the banksters who continue to shaft us.

[@TryDiy]

You take the profit you take the losses too.

[@jjefferyworboys8138]

Let it fail, who needs water anyway ?

[@andyjosiah4951]

Well said😂😂

[@Truthseeker1515]

66 bn £ of dividends!!!!! And the public will foot the bill! This is robbery!

[@anthonysullivan3238]

Darren Jones is a future leader in the making. A very impressive guy.

[@RHH7288]

In any company a typical person works in and has shares in, if company performance isnt good dividends dont get paid out. The fact they still are (among many other privatised assets) tells us its not about performance but greed. Greed under the knowledge the govornment will just bail them out.

[@raider7966]

I would like my country back please!!

[@emm_arr]

I look at Brexit and think that too!

[@julianshepherd2038]

🏴󠁧󠁢󠁳󠁣󠁴󠁿 YES

[@mattjones977]

Me too. Unfortunately it’s been cleverly transferred to overseas private equity/pension funds which just extract rent from UK citizens without delivering any innovation or investment

[@trustthedogsheneverlies644]

Save it?! Let it go bust. Let the investors loose out and reasise the risk they took. The government could then buy it for a penny as a compulsory purchase and run it state owned.

[@lascannon]

Certain public services should never be privatized.

[@martindornan1667]

In 1989 the sell-off in England of the water companies by the Tories to private monopolies with a weak regulator was touted as the route to greater efficiency and investment. But between 2002 and 2018 Scottish water, which remained publicly owned, invested on average nearly 35% more per household than the English water companies according to researchers at Greenwich university.

[@Nick_80599]

We will see what happens with Scottish water. They said they don't discharge sewage into rivers and they do. Why else is there personal hygiene products and a bad smell on the clydebank

[@YeahNoTellTheTruth]

Here is what will happen. Gov will save the company by giving 0 interest loan essentially, they'll picture it as buying some of the company, then when it gets back on its feet it will sell it back at dirt cheap or maybe even a loss. Those guys in charge who have been giving themselves bonuses will again sell at high price, take another bonus, bankrupt it again and repeat the cycle till they move on. Other people who were to fail at their jobs would be fired, not these people, on their cv they made profits.

[@DeusShaggy]

The Torries are like the water pipes... A great big BUST!

[@cdean2789]

They drive me round the bend

[@TryDiy]

£14bn in debt yet has paid out £57bn since 1991 in dividends!

[@Al_Pollock]

Maybe water company should stop leaks in pipes (if that’s what they are) that cause reservoirs to run short and stay low levels all the way to November.

[@cdean2789]

The leakage rate from Thames Water pipes is the highest for five years and the company will not meet its target to plug them this year, according to information released under freedom of information laws.

[@matty506]

Darren Jones will be our future PM if we are lucky.

[@andyjosiah4951]

Who is Darren Jones?

[@matty506]

@@andyjosiah4951 Bristol MP interviewed in the video.

[@nickybrooks6942]

I am not supprised , South West Water where I live has one of the highest bill rates in the UK , this is supposedly to keep our beaches clean for the tourism industry . Fact is they were ranked 3rd for sewage release in the uk, many areas in Devon and Cornwall are marked as areas of outstanding natural beauty ( Dartmoor , Exmoor and Bodmin Moor ) but are having farm waste and sewerage being pumped into them daily!

[@AJ_Battle]

Its not a coincidence that so many investment firms buy up shares in water companies. You just extract all the profit, don't keep up with maintenance and then in 20 years time when the pipes are all f'd and your dumping nappies in the rivers you disenvest.

[@MonkeyApe]

The Water Minister should be sacked and have her pension stripped

[@taylorrichardson850]

Total disgrace,for decades, the water compagnies never invested, pocketed the profits,,,, and now they ask for help???? BS!!!! Similar for the roads infrastructure. Etc…. Uk becomes today quite a 1/3 world country when assessing the health system,roads, public services and transport,,,etc…. Appaling.

[@bevanrafferty3116]

In the 1980s' the Thatcher government and the MSM had a campaign of attacking national interests, today we have the results..... I remember a Tory MPs' waffling about the benefits of private water, and how the Victorian system would be modernised with private money and the public would enjoy a 21st century system with incredibly cheap costs...........

[@sonic-factory]

Excellent questioning by Krishnan.

[@gordoncharles741]

Yes, he was very good today.

[@cdean2789]

I'd like a break down of all MPs with shares in Thames Water.

[@MrGonetopot]

Just another thing the rest of UK will have to pay for on the behalf of London.

[@saltynutzz]

Is this a joke? They literally paid out huge bonuses

[@adrianrouse5148]

Should thames water be taken over by government? ?? The government that has allowed it to be asset stripped by shareholders. Giving permission to dump sewage is acknowledgement that there was no investment. Take over the companies but the customers have already paid for the needed investment. Go after these investors for taking payments for a service not delivered.

[@jacklight4721]

this country is falling apart at the seams... water, electricity , schools, inflation, interest rates, housing, food prices, the NHS, the legal system, the police, public transport, all while our taxes are insanely high and billions are siphoned off. yet here we all are sitting on our hands sneering at people and unions trying to do something. British "keep calm and carry on" attitude needs to die.

[@SparkyStew98]

essentially the company is taking on debt to pay its dividends to shareholders. the business is not operating healthily and is barely self sustaining and truth be told should not be paying out such dividends while its not in a position to do so instead it borrows to pay its shareholders then goes into administration and inevitably gets bailed out by the government. its a big scheme really. borrow to pay shareholders then go bust and rely on government bailouts due to the size of business and its customer base being so reliant on basic human right services this is why utility companies don't fear mismanagement.

[@Ricimer671]

Kemi telling the truth,"I don't know too much..." Never was a truer word spoken!

[@andyjosiah4951]

😂😂😂😂😂

[@mariGentle]

A privatisation success story

[@cdean2789]

For Thames Water

[@jjefferyworboys8138]

Not all businesses are successful. The NHS is hardly a success story for public ownership ?

[@mariGentle]

@@jjefferyworboys8138 you think it’s publicly owned…..? Have a look into its management post Thatchers free market economy

[@vatsmith8759]

Yes, many privatized monopolies are a disgrace but let's remember that many of the old public monopolies were also a disgrace.

[@chazzyb8660]

Good to see the Secretary of State(?) sitting in front of two £2,000 a pop (RRP slightly more than that) chairs. Good to know where the money is going…

[@montystelevision3238]

If it goes bust it goes bust. The government didn’t bail out Woolworths.

[@jamessmith84240]

Rich people taking money from billions in loans under the company name, run the company into the ground and it's off into the sunset. Meanwhile public taxes are then used to keep the water running. Modern day Britain to a tee.

[@rzvr4490]

Giving to private companies power to manage the natural resources and energy of a nation should be allowed only with 2 other entities overlooking how its managed and at any issue to have an emergency meeting to tackle that issue

[@G.A.R.2002]

Take Thames Water back into public ownership.and and don't give the share I was a penny. Sounds like systematic asset stripping or even fraudulent behaviour

[@G.A.R.2002]

Thames water bosses and others. Should be in prison. This company has been systematically become bankrupt. Whoever has been controlling the purse strings has committed financial suicide... It looks like financial mismanagement. Not done anything for the water industry. this looks like mega fraudulent behaviour. Older management should be in prison. This is criminal

[@Copiumgold]

My company is going under and I would too like a cash bail out. Next year you will hear about shareholders and the new ceo taking record profits and bonuses

[@Holycurative9610]

I've told Thames I want another supplier and they laugh because they have a complete monopoly on water in our area. I now pay them £5/month and refuse to pay any more, my neighbour pays £41/month, same people, same house, same water usage and £36/mth difference.....

[@TSINIproductions]

I bet they still paid record profits to their shareholders this year. Imagine having a money leak almost as big as the water leaks and considering it the best way to run a public service.

[@mongoliandude]

The words “water” and “CEO” should never be in the same sentence together… . Unless that same sentence includes the words “waterboarding” or “underwater submarine”!

[@Der8cho]

This is what happens when public infrastructure is privatized.

[@DonLoganfan]

How any economic and governmental system can allow a company that has debt to pay share dividends is beyond me. Especially when the company will use the same situation as an excuse not to increase workers salaries.

[@vylbird8014]

@@user-rq5sd1sq8o For one thing, having debt can be great for tax efficiency.

[@James-bc1jk]

​@@user-rq5sd1sq8onothing wrong there then no? The rich just stay rich and the tax payers who just shut up and just keep paying

[@vylbird8014]

@@dc6807 This is a corporation, not an individual, so different tax laws apply. But same basic problem. When dealing with large enough sums of money, hiring accountants to 'tax-optimise' the organisation is cheaper than paying the un-optimised taxes.

[@AgentGreyFox]

Tory privatisation and deregulation is equivalent to sewage, but according to Sunak, let's all just hold our nerve. Paying out dividends but not paying down debt. Wasteful, awful government.

[@brianfreeman8290]

£66Bn paid in dividends to foreign shareholders while in £14Bn of debt. The Government says customers won't be impacted. Yeah, right !!!

[@jakeypetero2013]

In New Zealand the tory opposition is trying to privatized our water infrastructure . Current government are using a similar model as Scotland. Which one is better?

[@jakecross4628]

Private monopolies are worse than public monopolies.

[@jimcazador6057]

I am just going to put it out there, just a theory, but the Thames catchment area, i.e. greater London is hugely overcrowded, 90% of migrants gravitate toward that area, all the water and sewage systems needed to sustain the area are simply overwhelmed in part due to numbers. Its getting worse and worse, yes there is underinvestment and corporate greed-mismanagement but no one has suggested the human numbers involved in the mess. Why isn't immigration and the numbers involved never spoken about?

[@julianshepherd2038]

Ever get the feeling you've been ripped off?

[@WhichDoctor1]

The only difference between a strictly regulated nationalised public service and a strictly regulated privatised public service is that a portion of the money that would have gone to providing services in the nationally owned one go to shareholders in the private version. The best case scenario is that slightly less money is spent on providing the service or the service is slightly more expensive. The worst case scenario is shareholders run off with the family jewels and the tax payer has to pay for it. Please explain how this was ever thought to be a good idea?

[@mw3586]

It's this the same scam that they ran on the club in film Goodfellas? Load it with debt, leveraging assets and then run off with the money?

[@wolfen210959]

Where do you think they got the idea from. lol

[@MousquetaireC]

No it should be taken back to public ownership

[@samlee86421]

But privatisation makes industries leaner and more productive 🤔

[@cdean2789]

😂

[@DavidJohnson-dc8lu]

I am in London, just got out the bath, it was the worse bath I have ever experienced in my life, never felt so much pain ever. I know it was the bath, got out dried of, moisturised and the pain started to go away, still stinks a bit. Thames water using illegal chemicals to clean the water?

[@RebeccaBlack-cz1vv]

My water changed since oct 2020 i used to have good quality water now i can't rinse soap myself and low water pressure they have fucked up my water and when i complain to them they ignore my complaints

[@reclamantul]

Inflation does not affect equally “all of us”!

[@stephenfowlie742]

Nationalise it and charge the companies previously responsible with mismanagement of government / public funding .

[@gamania122]

If this isn't a disaster, I don't know what is... Do we still think this country is not going down a very VERY dangerous path?

[@G.A.R.2002]

Thames water have had the money. Payed them self's bonuses..... over payed shareholders.. dividends Ripped off the water bill payers money .. And not done the Jobs required by there contracts . Poor water quality and not keeping up with increasing population density of water used. Poor water management

[@EamonCoyle]

I would suggest the fall in the number of Albanian refugees is more to do with the fact the living standard in Albania is no longer that bad compared to the UK

[@gordoncharles741]

I think that is the governments strategy, make living conditions for everyone in the UK so bad that no one will want to come here anyway.

[@8skellerns]

Funneling far too much profits into shareholders and investors rather than saving it for bad times,

[@jjefferyworboys8138]

If you want to attract and retain shareholders and investors the returns have to be attractive.

[@Levitator07]

Oh cool, so after they dump sewage into the waterways, take all their profits and dividends, the taxpayer bails them out 🤔

[@sarangistudent8614]

It’s a win-win for them.

[@jjefferyworboys8138]

The alternative is to let the business fail, it's only water and who needs that ?

[@Levitator07]

The alternative is to regulate them properly and stop them taking profits and dividends if they're not doing their job properly, before it gets to this point.