Consultation on the future of water runs until 23 April 2025
It is safe to say that most people are pretty fed up with water companies: The continual pollution of our rivers and seas, the high bills, the lack of investment and the excessive pay outs to bosses in pay, bonuses and dividends.
But we now have a chance to do something about it.
Seeking solutions for the water crisis
The Independent Water Commission (IWC) is seeking ideas, both “revolutionary and evolutionary”, from the public, environmentalists, investors and others.
You can respond to the Call for Evidence until 23 April 2025. Later this year, in the Summer, the IWC will make its final recommendations to both the UK and Welsh Governments.
The form is quite long and in places rather complicated! Unnecessarily so! But you don’t have to answer all the questions. If you have any opinion on what is happening with water companies then you really should make your voice heard. There is a clear problem. So, why not be part of the devising a solution?
What is the Independent Water Commission?
Established in October 2024, the IWC is tasked with ensuring there is a “sufficiently robust and stable regulatory framework” to:
- “attract the investment needed to clean up our waterways”
- “speed up infrastructure delivery”
- “restore public confidence in the sector”
Governments launch largest review of sector since privatisation
The Commission is made up from a panel of experts from across the regulatory, environment, health, engineering, customer, investor and economic sectors. Chaired by Sir Jon Cunliffe, a former Deputy Governor of the Bank of England, it is independent of the Government.
The Folly of Privatisation
Water in England and Wales was privatised in 1989 during the leadership of Margaret Thatcher, providing an immediate £7.6 billion bonus to the Government. However, selling off this public asset has burdened the country with an underperforming, yet very expensive, system of private water supply and sewage companies. Fortunately for Scotland, the water system north of the border has remained in public ownership.
It is hard to see how anyone, other than water company directors and shareholders, has benefitted since privatisation.
The Dividend Drain
In the article Water investors have withdrawn billions, says research (20 May 2024), the BBC reported that water companies have extracted more than £85 billion pounds to pay dividends to shareholders. Imagine if that had been invested back into the water supply and sewage networks and consider how much less our bills would be?
The Guardian article How much of your water bill is swallowed up by company debt? (28 Feb 2024) shows that the water industry has accumulated debt of more than £60 billion, debt which has been caused directly by imprudent payments of dividends. The knock-on effect of this profligacy is that water companies must pay interest on an enormous debt pile, further increasing costs to water customers.
Time to renationalise?
Consumers tell me that they want to see water renationalised. This is understandable, given we can’t actually see any benefits in the current privatised system.
However, the Government says it will cost billions to renationalise. But can we afford not to renationalise and just what is the breakdown of costs? Has anyone actually looked at it?
What are your thoughts and will you be making a contribution to the consultation?
@thecomplainingcow Your chance to say what should happen with water companies. The Independent Water Commission will make its final recommendations to both UK and Welsh Governments this summer. https://www.gov.uk/government/news/public-invited-to-have-say-on-water-sector-fit-for-the-future #Ideas #waterbills #Consultation #Environment #Regulation
My Response to water call for evidence consultation.
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