Third of Yorkshire Water customer bill cash goes on debt & dividend
Similar with other water companies.
Money borrowed to pay dividends, investment neglected, sewage dumped, customers fleeced; aapproved by OFWAT.
Must end the farce. Nationalise without compensation.
https://www.bbc.co.uk/news/articles/c9wl81y5dr4o
Similar with other water companies.
Money borrowed to pay dividends, investment neglected, sewage dumped, customers fleeced; aapproved by OFWAT.
Must end the farce. Nationalise without compensation.
https://www.bbc.co.uk/news/articles/c9wl81y5dr4o
Comments
What are the legal requirements to do this?
It’s easy to say nationalise and utilities should never have been sold off at bargain prices, but what is the legal roadmap to renationalising?
It is fraud, plain and simple.
I keep looking for news of their facing some consequences, but not yet.
You take out an interest-only mortgage, buy a house, and let it out. You keep most of the rent and don't do the repairs so the house become unfit for leasing and the "business" goes bust. You get the cash. The lender gets a dilapidated house worth a fraction of the loan.
But I don't see how you can stop this abuse in the commercial sector. I hate it. But companies need loans to grow; shareholders want returns.
1) Use Ofwat to force them into a form of administration because they're effectively bankrupt. Literally cut bills punitively.
2) Have them bought by non-profit/mutual 'companies' with government loans, creating national assets not additional national debt.
I'd be interested in the 'why(s)' behind what can't be done. For example, is it retained EU-wide law on state ownership/interference? 🤔
We all know that that means capital drain in return for income.
That bunch brought down one PM already.
If other policies mitigated the privatisation/market failure that might compensate losses. It would need an economist to comment.
Really is an utterly disgrace
How can the Gov. justify/explain away the market failures it is leaving unaddressed?
Same with auto insurance market failure that has come to be a money grabbing exercise by the relevant companies
I’m not surprised frankly.
They are effectively using investors OWN money to pay their OWN dividends.
An entirely brainless, nonsensical activity doomed to failure.
Every senior member of OFWAT needs to be investigated for conflict of interest. Because if it isn’t incompetence; it’s corruption.
https://www.theguardian.com/environment/2024/feb/29/ofwat-regulator-cover-up-water-companies#:~:text=But%20there%20was%20no%20sign,to%20be%20completely%20ripped%20up.
What are the equivalent figures for another, much larger, offender, Thames Water?
Bring back public control over essential public services.
If you've not actively managed your fund, 99% certainty that You are a WaterCo investor, and a recipient of WaterCo dividends.