Water company fines: how does this help the situation?

I can't see how it helps. But I don't know who pays.

Nationalisation springs to mind. The private companies have made a total pigs ear of it.

As Thames Water was going to pay out shareholders this year despite being on the verge of bankruptcy, until they were stopped from doing so, I have no problem with them paying a fine for dereliction of their duties, which they have confirmed will be funded by their owners, not their customers. They are supposed to be providing an effective public service, after all.

I heard that this morning too Casdon

It may mean that they get no new investors but so be it.
Water should not be for profit in my opinion.

Let’s hope they are taken back into public ownership. Water should never be a cash cow for the wealthy.

Nationalise!!!!

Water is fundamental to human life. Its provision should not be run by private companies whose aim is to make vast profits for shareholders.

Water is part of the country’s security infrastructure, not a cash cow.

Nationalise!!!!

The government came up with the same idea as we had several months ago. Starve them of money
It’s not rocket science.

vegansrock

Let’s hope they are taken back into public ownership. Water should never be a cash cow for the wealthy.

👏👏👏 Crossed posts

They might have said that the money will be paid by the owners not the customers , but they are hardly the most trustworthy of organisations.
They should be the first to be nationalised. That might either shock the other companies into providing a better service or lead to eventual public ownership of all water companies.

vegansrock

Let’s hope they are taken back into public ownership. Water should never be a cash cow for the wealthy.

Well said.

If the fines were ring-fenced to mend leaks, improve services, that might make sense.
What happens to these fines?

Fines go towards environmental projects.

www.gov.uk/government/news/water-company-fines-to-be-channelled-into-environmental-improvements

So, let me get this straight.

A water company continues to pay its shareholders £billions profit, despite the company itself being £billions in debt.

The company gets away with knowingly polluting rivers etc for as long as it can, until the regulator fines them.

The money from the fine, which should go into the public purse to compensate citizens for having sh** floating in rivers, pays for environmental projects to clean up the pollution caused by the company not doing its job in the first place. Mm🤔

Nationalise!!!

LizzieDrip

So, let me get this straight.

A water company continues to pay its shareholders £billions profit, despite the company itself being £billions in debt.

The company gets away with knowingly polluting rivers etc for as long as it can, until the regulator fines them.

The money from the fine, which should go into the public purse to compensate citizens for having sh** floating in rivers, pays for environmental projects to clean up the pollution caused by the company not doing its job in the first place. Mm🤔

Nationalise!!!

I agree with nationalise, but I don’t agree with the taxpayer paying the existing company for anything other than the actual assets. I think for that to happen, Thames Water would need to be forced into liquidation (not an ironic use of the word, given it’s a water company!).

I agree with nationalise, but I don’t agree with the taxpayer paying the existing company for anything other than the actual assets. I think for that to happen, Thames Water would need to be forced into liquidation (not an ironic use of the word, given it’s a water company!)

Totally agree Casdon.

Thames Water is already £billions in debt so is not a viable company.

As water is a vital part of national infrastructure and security, it should no longer be managed by an unreliable company.

The government should take it into public ownership. No recompense for shareholders - they’ve had their ‘pound of flesh’ for far too long!

I agree with nationalizing such an important resource.

Thames is 100 billion in debt so the fine is a drop in the ocean, there is no way the government is going to pick up that bill and nationalize.
Thames will continue to borrow at market rates and the government will guarantee it, in addition to what Thames owe at least has much again has got to be invested in the future

Of course the customers pay, ultimately! Just check out their annual profits. If they have to pay fines, the cost will be borne by the customers in terms of price increases. They’ll do what it takes to keep their shareholders happy. Remember, these are privately owned companies which exist to make money for their greedy capitalist shareholders!

It doesn't help. They pass costs on to customers. Government knows and doesn't ccre as far as I can see.

Shawarma

Of course the customers pay, ultimately! Just check out their annual profits. If they have to pay fines, the cost will be borne by the customers in terms of price increases. They’ll do what it takes to keep their shareholders happy. Remember, these are privately owned companies which exist to make money for their greedy capitalist shareholders!

They have to keep shareholders happy because they won’t lend the money to keep the company going.

Would you lend money if you weren’t happy?.