13 May 2025
MPs will question Thames Water executives at 10am this morning.
But it's Steve Reed, Environment Secretary who should be answering the questions. We have a lot of questions for him:
WHY is he letting KKR (a US private equity firm which inspired the film "Barbarians at the Gate") take over Thames Water?
WHY has he allowed billpayers to pay £250 extra per household to bail out this failed company by adding £3 billion to its debt mountain?
WHY is he forcing a bill rise of 35% on 16 million people in the Thames Water region instead of saying NO to Thames Water: the public will not pay for your mistakes?
WHY did he not take the chance to bring Thames Water into public ownership when the company's own shareholders were saying it was worthless?
WHY did he not take the chance to bring it into public ownership when this would have meant cutting its debt mountain by around half (according to the Treasury and JP Morgan) instead of forcing the risk onto billpayers?
WHY did he not choose to defend the public interest (instead of shareholder interest) as the Labour government did previously when Railtrack went bust?
WHY is his policy on water worse than
- the SNP's (water in Scotland is publicly owned and the cost of capital is far cheaper)
- the Liberal Democrats (they called for special administration and a public benefit company and Charlie Maynard MP has been fighting the Thames Water bailout in court)
- the Greens (who want full public ownership)
- Reform UK (who have also called for Thames Water to be nationalised)?
WHY does he repeat nonsense about the cost of bringing water into public ownership, based on an inaccurate report which has been funded by the water industry, and has been thoroughly debunked?
WHY will he not recognise that in any case, given that Thames Water specifically is collapsing, the circumstances and legal situation mean that he could step in to protect the public interest, and that there has never been a cheaper time to bring this company into public ownership?
WHY will he not even consider public ownership in the government's review of the water sector (the biggest review since privatisation) even though this is normal in 90% of the world?
WHY will he not look at a cooperative model of public ownership even though he has a background in establishing cooperative councils and is a member of the Cooperative Party?
WHY will he not consider the model We Own It has put forward for Thames Water which includes local billpayers representatives, workers and community and anti sewage groups sitting on the board alongside democratically elected councillors?
WHY is he ignoring the 8 out of 10 voters across the political spectrum who want public ownership, and insisting that he cannot even look at this option?
What is the answer to all of this?
Unfortunately, it is that the Environment Minister is listening to the privatised water industry instead of listening to the public he is meant to serve, and was elected to represent.
Last autumn, it was exposed in the Telegraph that Steve Reed accepted £1786 in hospitality to go to a football match and be wined and dined by a company owned by Hong Kong conglomerate, CK Hutchison, which owns privatised Northumbrian Water.
Steve Reed isn't listening to us.
So We Own It has crowdfunded from our supporters to buy tickets to the football match for his team, Crystal Palace vs Wolves, next Tuesday 20th May.
Lois Davis, Steve Reed's constituent, has invited him to join her at the football so he can hear her arguments, on behalf of the public, for why Thames Water belongs in public hands. Today is day 8 of asking him.
Thames Water and KKR will behave as private companies always behave - maximising profit. If politicians allow them to do this when 16 million people are held captive by a private monopoly delivering something as essential as water, they will take that chance.
Questioning Thames Water executives is a waste of time. Thames Water will continue to act like all privatised companies act. It will try to increase our bills, dodge fines for releasing sewage into rivers and seas and maximise its profits. It is accountable to its shareholders, its owners, not to us.
Steve Reed, the Environment Secretary, ought to be accountable to us. Let's hold the right people responsible.
Please SHARE this article if you think Steve Reed should join Lois at the football.
Lois Davis wants Steve Reed to join her at the football so he can hear the arguments for public ownership of Thames Water, and water in general.