plan for collapse of Thames Water

[Mrwong]

Looks like they might collapse, pass on the debt to the government. These companies have piled on the debt, extracted the wealth and left the bones.
Most likely give it a few weeks and the Gov will end up taking it over.
Fix it up and them sell it again, as the debt is too large for any company to take onboard.

Ministers weigh contingency plan for collapse of Thames Water

Whitehall officials and Ofwat, the water regulator, have begun assessing the scope for a special administration of the UK’s biggest water company, Sky News learns.

news.sky.com

Thames Water boss Sarah Bentley resigns with immediate effect after giving up bonus over sewage spills​

I guess she is running away from this mess.

Thames Water boss Sarah Bentley resigns with immediate effect after giving up bonus over sewage spills

The announcement comes just weeks after it was reported that Ms Bentley will receive pay and perks worth £1.6m this year. That is despite Thames Water saying she would give up her bonus due to the water industry's continued struggles with sewage outflows and leaky pipes.

news.sky.com

 

[Sankari]

Ah, the private sector. Gotta love it.

 

[rumple9]

The only country that sells off it's water supply.
How much is this going to cost the taxpayer?
Broken Tory Britain

 

[Minusorange]

pass on the debt to the tax payers.

fixed it for you, they already paid once, now they get to pay twice

 

[StriderX]

The vultures always come and it's fine if it's some has-been irrelevant service provider with genuine alternatives but the provision of water is not one of them so it's a hassle that necessitates the taxpayer comes to the rescue almost certainly wiping out any benefit there may have been from the intervening years of privatisation. You know what... let it fail, no bail outs and lets see what happens.

 

[Emlyn_Dewar]

It's a free market, if you don't like it just don't bu... Oh wait, it's the damn water supply.
UK needs a major re-think on everything. Short term profit, lining the pockets of weaselly politicians. Long term misery for the whole country.

 

[Hotwired]

What's the worst that could happen if it was nationalised. Politicians could get blamed for incompetently running it. Better keep paying for it to stay private then.

 

[Mrwong]

Wait till they pass on 30% increase to you water bill

 

[Gray2233]

Boken Tory Britain

The assumption here being that we actually have any competent political parties.

 

[413x]

Lol. UK

Essential service? Yes.
Passed to the private sector? Of course!

Wonder if just thames customers are going to fund it. Or everyone.

How's that inflation figure looking rishi?

 

[Freakbro]

Ah, the private sector. Gotta love it.

BuT yOu DiDnT sEe tHe TrAiNs In ThE sEvEnTiEs AnD the MiLiTaNt UnIoNs

 

[Freefaller]

Ah, the private sector. Gotta love it.

As someone that works in central government it's no better unfortunately in fact it's frustrating and there's so much prevarication that you wonder if you'll ever actually get anything done.

A good private sector company often can push for innovation more effectively and turn a profit, modernise and make changes for the benefit of the company and it's customers and stakeholders with less obstacles.

That said water companies have for a long time taken the **** and the regulators should have been all over them a lot sooner, and I don't understand why that hasn't happened.

 

[Semple]

I was surprised it said the company hasn't paid a dividend to it's owners in 6 years. That being said I'd like to know how on earth it's built up a £14bn debt! And why alarm bells weren't starting to ring when it hit 1-2 bn debt rather than 14.

 

[Richie]

I assume any bailout will be placed on Thames Water customer bills rather than the rest of the UK?

 

[Hagar]

Ah, the private sector. Gotta love it.

The private sector pays for all you public sector types and keeps you in a job. I have always worked in the private sector in well regarded and organised companies.

 

[Mrwong]

I was surprised it said the company hasn't paid a dividend to it's owners in 6 years. That being said I'd like to know how on earth it's built up a £14bn debt! And why alarm bells weren't starting to ring when it hit 1-2 bn debt rather than 14.

former head of OFWAT went from public to private. All these regulators are just scum.

 

[The Funktopus]

Privatised profits, socialised losses. Love the current state of our infrastructure. Take for instance where I live. United Utilities were able to release untreated sewage something like 70,000 times last year, but at the same time, made a profit of £600 million while also paying £300 million out to shareholders.

Quite how they’re able to justify these profit margins and massive payouts while just basically not doing a critical part of the job at the core of what the company does without someone being held accountable (I honestly think somebody should be going to jail for this given the scale) escapes me, it really does.

 

[doodah]

What's that? Another toothless regulator asleep at the wheel?

 

[darkgen]

Beyond words.

I assume any bailout will be placed on Thames Water customer bills rather than the rest of the UK?

Hardly Thames water customers fault is it?

Complete unsurprising shambles as always under the Conservatives watch (and initiation during the 80's).

 

[Mrwong]

Water firms’ debts since privatisation hit £54bn as Ofwat refuses to impose limits.

England’s privatised water firms paid £57bn in dividends since 1991

Hum. And yet every single government failed to connect the dots.