Friday, 2 December 2022

A President for the Privatised English Water Companies

It has long been clear, that England's privatised water companies never had any intention of acting in the public interest. Their operations have always been geared to extracting the maximal financial benefits for their shareholders and CEOs. Activists now say this means these water companies could be taken back into public ownership, without the need to pay compensation (https://www.theguardian.com/environment/2022/dec/02/water-renationalised-without-compensation-activists-shareholders-england). During the 2008 financial crisis, the Northern Rock bank was privatised. Zero compensation was paid to its shareholders. Court cases, in both the UK and Europe, ruled that this was lawful, as it was clearly in the public interest. If England's privatised water companies are renationalised, they would only have themselves to blame. Water provision should not be treated as a 'piggy bank'.

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