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Ofwat, the water regulator, is about to let Thames Water off on a £250 MILLION fine.
Thames just broke its licensing rules after credit agencies labelled its debts “junk.” In just 48 hours, Ofwat will close its consultation on plans to waive the normal fine!
When privatised services, from energy to rail, fail in their obligations, they should lose their licence. Wherever you live, ask Ofwat to take Thames’ licence into public hands.
Ofwat plans to waive the usual fine after Thames volunteered an alternative plan.
Their big ideas? New executives on their board. Asking their shareholders for money. A new business plan. An independent monitor to report back to Ofwat. It’s a joke.
Thames hopes to be let off further fines for sewage and illegal dividends too. If they are, what’s to stop privatised health or mail companies seeking the same?
Everyone in the UK can help end this circus. Email Ofwat and demand they not only charge the usual fines but take back Thames’ licence once and for all.
“Unless shareholders believe that there is a genuine risk of losing their licence, they have no real incentive to promote good corporate or environmental performance.”
Those words aren’t from We Own It. They’re from the now Water Minister, Emma Hardy, in February — when she was still in opposition.
Ofwat can advise ministers to use special administration powers to move a water company’s licence to a new owner, including into public ownership.
According to the Treasury, this method could mean nationalisation costs nothing — after all Thames’ owners have already believed their shares are worthless.
P.S. Water companies in Scotland and Northern Ireland are in public hands already, but private energy providers, royal mail, private bus companies and others will feel they can get away with falling users too if Thames can dodge these fines. Please support this action to take back Thames Water.
