Thames Water’s £3bn bailout signals urgent need for Government action on failing water companies

STATEMENT:

Responding to the Court of Appeal’s decision to uphold Thames Water’s £3bn rescue plan River Action’s CEO said:

“This decision is a disaster for Thames Water bill payers and the environment. Customers will now have to pay the price for the failing water company with about a third of their increased water bills paying for massive interest payments while our rivers remain choked with sewage.”

“Instead of allowing this interim plan to cause further financial and environmental damage, the Government must urgently seize the opportunity to place Thames Water into Special Administration before even more investor-centric restructuring plans are rolled out later this year. The current privatised system is a failed experiment, putting financial interests ahead of the needs of consumers and the health of our environment. Maintaining the status quo will only perpetuate this corporate takeover of the lifeblood of our economy and land. The government can and should step in now. 

“The onus is now on the independent Water Commission to propose a viable alternative financial and governance model for the water industry that puts people and the planet first. This is not just about managing a crisis; it’s about fixing a broken system that has allowed private companies to profit at the expense of public well-being.”

ENDS

For media enquiries, contact Amy Fairman at media@riveractionuk.com