02-26-2025, 07:47 PM
The Liberal Party notes the completion of the recent High Court case centring on the refinancing of the indebted utility Thames Water.
The details which have emerged on the scope of the financial arrangements suggests that the £3 billion in additional finances is not a direct injection of cash, but comes as loans, with a 9.75% rate of interest.
This means that shareholders can continue to extract monies from a business mired in over £18 billion of debt, yet the business cannot afford to meet its investment and environmental commitments without demanding double digit increases in water bills over the next 5 years.
The party believes that the UK water industry is a natural monopoly, paying out undeserved dividends to foreign owners, and should be brought back into public ownership as a matter of urgency.
The details which have emerged on the scope of the financial arrangements suggests that the £3 billion in additional finances is not a direct injection of cash, but comes as loans, with a 9.75% rate of interest.
This means that shareholders can continue to extract monies from a business mired in over £18 billion of debt, yet the business cannot afford to meet its investment and environmental commitments without demanding double digit increases in water bills over the next 5 years.
The party believes that the UK water industry is a natural monopoly, paying out undeserved dividends to foreign owners, and should be brought back into public ownership as a matter of urgency.