UK's biggest water company seeks court approval for emergency funding to prevent nationalization
UK's biggest water company seeks court approval for emergency funding to prevent nationalization
Britain's largest water company Thames Water is seeking court approval for up to $3.7 billion of emergency funding to prevent the cash-strapped firm from falling into government administration.
Without the funding, Thames Water will run out of money in March, which could force the government to temporarily nationalize the company. Both the government and Thames Water say water will continue flowing to customers regardless of what happens.
Thames Water, which has about 17 billion pounds ($20.9 billion) of debt and has been repeatedly cited for illegal sewage spills, is at the center of a nationwide backlash over rising water bills as Britain seeks to modernize its water and sewage systems to cope with climate change and a growing population.
The company has been the focus of criticism from consumers and politicians who say Thames Water created its own problems by paying overly generous dividends to investors and high salaries to executives while failing to invest in pipelines, pumps and reservoirs. Company executives say the fault lies with regulators who kept bills too low for too long, starving the company of the cash it needed to fund improvements.
Stop fucking around with private companies providing things like water. Nationalize and be done with the issue.
Fuck sakes corporations just got to fuck everything for a profit.
Private business
- that everyone needs to live
- that can’t profit without subsidies
- that has no competitors in its market
- that has growth potential defined strictly by external factors
It’s insane that this isn’t nationalized immediately. Privatizing it in the first place is the work of people who are corrupt as hell, inhumanly evil, dumb as rocks, or, most likely, all of the above.
Privatizing it in the first place is the work of people who are corrupt as hell, inhumanly evil, dumb as rocks, or, most likely, all of the above.
In this case corrupt and evil. Thatcher had tried it twice before and had to back down because it was (and still is) an incredibly unpopular policy that was at risk of losing them the 1987 election. Immediately after the election they privatized the lot before anyone could complain.
Without the funding, Thames Water will run out of money in March, which could force the government to temporarily nationalize the company.
Oh no! Won't someone please think of the investors?
Company executives say the fault lies with regulators who kept bills too low for too long, starving the company of the cash it needed to fund improvements.
If you haven't got money for improvements, stop diverting the money you did have into your own pockets. 17 billion in debt?! Fuck you.
"cOmpAniEs aRe rUN efFicIEntLy, UnLikE thE goVT"
Get fucked!
Or take back that money from shareholders who profited billions on basic human needs.
I think other than Chile the UK is the only country in the world that has privatised the water supply to its population allowing large private profits to be drawn off what is recognised as a basic human right. Even most of the USA has not allowed corporations to be parasitic on its people to that level, and it is a Labour government bought and paid for by business that is trying to avoid re-nationalisation and that allows the water regulation body to be comprised of ex-water executives.
Can you explain how this is a Labour issue?
The privatization happened under Tories (Thatcher), the whole setup of that scheme has had plenty of time under Tory for years and years of rule where they made sure all that you complain about actually happened.Labour has been in power for what, 6 months now? And all this is because of ... Labour?
Seriously, educate me on how this is the fault of Labour and why you fail to mention it all started and matured under Tory rule.
Should have always been government.
The oligarchy will give you all $100,000 to change your opinions.
Because. Y'know. That's how it works.