As an ex employee. I find it appalling that the company are going to pass on the cost of the investment to right the wrongs of the past, onto the customers. It has been predicted for the last couple of decades by employees this would happen, all falling on deaf ears. . Mass pollution of the rivers. Risk management they called it. Well due to massive massive mis- management in the running of the industry and dividends to keep the shareholders happy. It's falling back onto Joe Public. I also blame offwat (and the environment agencies for not being vigilant because of cuts in staffing levels. trusting the water companies, to do their own monitoring/sample testing. And reporting themselves. Extenuating circumstances, eg floods. YW would be given exemptions. But failures became the norm and not the rare. Aye alright)
Privatization was sold on the ability of people to own a stake, but also on the claim that it would be a better vehicle to obtain much-needed investment for upgrades/renewal. This situation gives the lie to that. But what we are left with is a dilemma. If such industries fail (see railways, and arguably, some banks) then there is no dilemma. They will (and have been) be taken over. But for situations like this, re-taking these industries involves the choice of reclaiming them: 1. With compensation. In which case, where does the money come from in times of tight public finances. It's fine to argue that we chucked loads of money at dealing with Covid. But any outlay to restore the water industry to public ownership would sit on top of that, with consequences for the further increase in public debt (and I haven't even checked the market capitalization of the water companies). 2. Without compensation. Are not pension and savings funds invested in these industries? Does that have consequences for citizens' future prosperity? Does it play into the hands (even further) of the Tory-owned media? It's not straightforward, however you slice it.
Privatisation was seen as a necessity to get investment into the business. But it worked the opposite way. Keep the investors happy with profit returns. (Mainly owned by foriegn investors.) From 2021 Yorkshire Water is ultimately owned (through a complex series of holding companies) by Kelda Holdings, which is incorporated in Jersey. Kelda is owned by a series of investment and sovereign wealth funds, including: RREEF Pan - European Infrastructure Fund (23.4%) Gateway Infrastructure Investments L.P., Gateway UK Water L.P. and Gateway UK Water II L.P., (managed by Corsair Infrastructure Management L.P.) (30.3%) Prudential (10.0%) SAS Trustee Corporation (10.0%). Most notably, 26% of the company is owned by GIC Special Investments, a sovereign wealth fund owned by the government of Singapore.
Its not straightforward no but the fact that it has got to this state is. Absolute disgrace. Obvious for a long time. Nothing whatsoever done. Joke
Lol. Labour at fault for the demise of NHS, despite the Tories opposition to it ever since it’s creation
