Splash Back!

The privatised English and Welsh water companies 'urgently' need to spend £96 bn on upgrading reservoirs, pipelines and sewage treatment. The companies expect to add up to £156 per year to household bills to cover these 'essential' costs. Those companies have had 30 years to spend some of their 'monopoly profits' on upgrading the Victorian systems they inherited. Much of that money was, however, splurged on inflated shareholder dividends along with massive remunerations (plus shares) for their CEOs. The consumer 'protection' agency, Ofwat, seems minded to approve the spend. How come Ofwat didn't push earlier for the spending of profits on improvements, before water leaks and sewage discharges became 'political hot potatoes'? (https://www.theguardian.com/environment/2023/oct/02/uk-water-companies-plan-cut-leaks-sewage-discharges). Many of the water company shares appear to be held by foreign pension funds. Increasing the living costs for stretched UK home owners, isn't likely to go down at all well. The trouble with water is that you just can't avoid using it or paying for its waste removal. It's also illegal, in the UK, to cut folk off for non-payment.