07-31-2024, 06:52 PM
The Liberal Party notes with grave concern that Macquarie, the Australian pension fund is to take full control of Britain’s gas network via the acquisition of National Gas and its national gas distribution network.
Macquarie has previous take control of water utility Thames Water in 2005, relinquishing control in 2017 having almost quadrupled the utilities debt to £10 billion whilst paying out £2.6 bn in dividends.
The Liberal Party believes that the legacy of its ownership of the utility company has directly contributed to Thames Waters current perilous financial situation. As such we believe that Macquarie is not a fit company to own a crucial party of the UKs energy infrastructure.
In order to prevent foreign companies such as Macquarie from asset stripping British companies The Liberal Party would end tax breaks for private equity firms that bury companies in debt.
We believe that the UK water industry along with the National Grid should be brought back into public ownership under a mutualisation model and foreign ownership, specific, asset stripping, discouraged, to ensure proper sound investment in the UK.
Macquarie has previous take control of water utility Thames Water in 2005, relinquishing control in 2017 having almost quadrupled the utilities debt to £10 billion whilst paying out £2.6 bn in dividends.
The Liberal Party believes that the legacy of its ownership of the utility company has directly contributed to Thames Waters current perilous financial situation. As such we believe that Macquarie is not a fit company to own a crucial party of the UKs energy infrastructure.
In order to prevent foreign companies such as Macquarie from asset stripping British companies The Liberal Party would end tax breaks for private equity firms that bury companies in debt.
We believe that the UK water industry along with the National Grid should be brought back into public ownership under a mutualisation model and foreign ownership, specific, asset stripping, discouraged, to ensure proper sound investment in the UK.