Court approves Thames Water £3bn loan at 9.75%, adds to £19bn debt. Temporary reprieve. Thames Water banking on new equity investment (unlikely) and higher customer bills. Over one-third of customer bills cover interest payments. Sewage dumping, dividends will continue. - ThreadSky

premnsikka.bsky.social • 4 days ago

Court approves Thames Water £3bn loan at 9.75%, adds to £19bn debt.

Temporary reprieve. Thames Water banking on new equity investment (unlikely) and higher customer bills.

Over one-third of customer bills cover interest payments.

Sewage dumping, dividends will continue.

Comments

eason-g.bsky.social•4 days ago

If this bailout is going to support continuation of bonus and dividend payments, can someone explain to me how this is not at best negligence, at worst corrupt? Surely such payments should only be made against profits? Am I missing something here or is this just legalised theft?

liz-nelson.bsky.social•3 days ago

Water needs nationalising again period, it worked fine before without foreign investment in the industry!

linusd.bsky.social•4 days ago

That’s another hope down the toilet

andyh100.bsky.social•4 days ago

It’s just delaying the inevitable whilst guaranteeing yet more ridiculous bonuses. It also gives them more time to maximise the hollowing out of the business. Scandalous corruption in plain sight!

bi99le5.bsky.social•4 days ago

Maybe the courts should have ruled that the share holders who took the dividends from a failing and failed business should have to pay those back first?

puddle575.bsky.social•3 days ago

Completely farcical

bettinastruff.bsky.social•4 days ago

Obviously, they need to borrow more in order to keep paying dividends.

oh-mandi.bsky.social•3 days ago

Save £3bn through disability cuts, just to spend it on bailing out a private company. Mmm kay.

rockawayanyway.bsky.social•4 days ago

Not good.

r1ch1e5.bsky.social•4 days ago

Thames Water will be back at the tax payer funded begging bowl within months, ad infinitum while they can keep the £s flowing to share holders.

#Nationalise
#Labour

3sueinclass.bsky.social•4 days ago

Surely this is an unsustainable model. Water companies should be re-nationalised ASAP.

chriswhu.bsky.social•4 days ago

Just goes to show that the courts are as corrupt as the people they are bailing out! 🤬

bazzab1971.bsky.social•4 days ago

Honestly this is unbelievable 😢

jjimode.bsky.social•4 days ago

Disgraceful, but labour are too timid to act, leaving the door open for a response by Reform who have already talked about nationalisation.

fayesouthall17.bsky.social•4 days ago

Should be nationalised

peterhavercan.bsky.social•4 days ago

Thatcher would have called the water companies "lame ducks".

jamesbacon.bsky.social•4 days ago

Kicking the can ever further down the road. Good grief.

jm64.bsky.social•4 days ago

Shambolic. Let it go under, it’s a scam

aiteall.bsky.social•4 days ago

So many on the Left claiming Neo-Liberalism is over. This is it in action: the Market reigns supreme. Public assets built up over years are handed over to Vulture Funds and Rentiers...parasites. Even the limited "socialism" of post war public ownership is now dismantled.

jakernory.bsky.social•4 days ago

And once again “the market” is shown to be just as unobtainable and utopian as any left wing ideal ever was.

What market? Do I get to choose my water provider?

thinkitthrough.bsky.social•3 days ago

16 million people are being forced to prop up a company that would have gone bust if it wasn’t providing an essential service.

mayfairlady.bsky.social•4 days ago

Why?🤬

dgs64.bsky.social•4 days ago

Why do we bail them out ? Let them fail. Make them pay back bonuses. Bring it back into public ownership

paul00.bsky.social•4 days ago

Can they pay out more "bonuses" from that cash? They seem to get them just for getting out of bed.

trickcyclist.bsky.social•4 days ago

I think you can bed bedridden.

simplyswim.bsky.social•4 days ago

The results of Thatcher’s privatisation gamble finally coming home to roost, and it’s not pretty. We need to renationalise. Water is essential and consumers can’t choose a supplier!

shropshiregreenman.bsky.social•3 days ago

I read elsewhere that £1bn of that £1.5bn will immediately go to cover costs and interest, so they only get to use £0.5bn for running the business...

layladoodle.bsky.social•4 days ago

Utterly bizarre approach by the courts towards Thames Water. Were they badgered by the government?

proudleftycw.bsky.social•2 days ago

It's a kick in the head for the general public. It's extortionately expensive now. Someone's got to stop Thames Water. If the Govt are not willing they will get zero votes in council elections. Labour members stop being complicit. Leave the Party.

malcolmlh.bsky.social•4 days ago

When is the Labour Government going to start governing for the people?

stephenjensen1953.bsky.social•3 days ago

Thames have appealed the increase allowed by OFWAT. Let's hope that as a result of reconsidering their initial decision OFWAT reduce the increase to the annual rate of inflation.

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