Cleaning up...
Of all the headlines about the water companies the one that really caught my eye was the one claiming that cleaning up the beaches, processing sewage safely and providing enough water, will mean higher water bills.
A nice bit of spin by the water industry, “we made a fortune not doing our job for decades but now you will have to pay us more to put things right.”
Strange, I don’t remember hearing a single squeak from the industry about how they couldn’t manage to run their companies on the totally inadequate income they were struggling under. In fact they used to boast about their investment levels (always far too little) and their profits for shareholders (always far too large).
The fact is this is an open goal for any party with a bit of common sense.
Tell them to do their job properly or you will slash bills, not increase them. A windfall tax on their profits is well in order. How about tighter environmental rules, prison for gaming the regulator or deliberately not monitoring your sewage discharge?
It is a sign of how long these companies have got away with things and how pathetic their regulator is that they could even suggest such a thing in the worst inflationary crisis in decades.
“Not fit for purpose” is an over used phrase but Ofwat needs a martinet bastard in charge, better staff, much tougher penalties and an end to the revolving door between regulator and industry.
Government could pass the legislation to do that overnight and just leave the Damocles sword of nationalisation hanging over the industry’s heads. It concentrates the mind wonderfully.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.