Swindon MP calls for Thames Water nationalisation instead of creditor takeover
Summarised from 2 outlets · Updated 22 Oct, 16:33 · Archive
Swindon North MP Will Stone is urging the Government to reject a £10bn takeover and nationalise Thames Water instead.
Swindon North MP Will Stone has written to Environment Secretary Dame Angela Eagle urging the Government to reject a proposed £10bn takeover by Thames Water's creditors and instead place the company into a Special Administration Regime as a step toward nationalisation. Thames Water is seeking £2.4bn from creditors to survive until 2027.
Mr Stone described this funding request as 'a marker of the failing business model at the heart of the company'. He stated: 'In my view the privatisation experiment of water has failed and it's time to bring our water back into public ownership.' Mr Stone has co-signed a letter with fellow MPs, including Clive Lewis, reiterating the call for public ownership.
The letter argues that Thames Water's long-term underperformance and mismanagement have left 16 million customers deprioritised and saddled the company with £17.6bn of debt since its privatisation in 1989. Mr Stone and his colleagues point out that the company has paid out billions in dividends and bonuses while failing to meet its environmental and infrastructure obligations. The letter warns that the proposed takeover would continue to prioritise creditors over customers and force the public to bear the cost of the company's financial troubles.
How it is being reported
- Swindon MP calls for drastic action amid £10 billion Thames Water dealCalls are growing for Thames Water to be taken back into public ownership.Gazette & Herald · 22 Oct, 15:55
- Swindon MP calls for drastic action amid £10 billion Thames Water dealCalls are growing for Thames Water to be taken back into public ownership.Swindon Advertiser · 21 Oct, 15:55
In this story: Will Stone · Dame Angela Eagle · Clive Lewis · Thames Water · Swindon
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