renationalisation

Thames Water impending collapse is ultimate result of privatisation, say campaigners

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A tanker pumps out excess sewage from the Lightlands Lane sewage pumping station in Cookham, Berskhire, January 10, 2024

THAMES WATER’S impending collapse is the ultimate result of privatising an essential monopoly like water, campaigners said today..

The government is reportedly approaching potential administrators to step in if the troubled utility falls into bankruptcy.

The water giant is struggling under a debt of £19 billion and has warned that it will run out of cash in March unless the High Court signs off a £3bn loan at a hearing next month.

Environment Secretary Steve Reed ruled out nationalisation in October.

But officials have told the Financial Times that the government has spoken to consultancies including Teneo and Interpath to potentially run a special administration regime (SAR) — a temporary measure designed to keep services running.

The measure could be a sign that ministers are bracing themselves for the renationalisation of the company as the court could block the loan agreement due to a high interest rate of 9.75 per cent alongside fees and incentives of the current Thames Water management.

Last month, regulator Ofwat fined the company £18.2 million for paying £158.3m in dividends to shareholders which it said were not justified.
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Another incompetent profiteering train operator is brought back under public control

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Unions reiterate calls to renationalise railways after TransPennine Express joins London North Eastern Railway, Northern, and Southeastern

THE government’s rail privatisation fiasco hit the buffers again today as yet another failed, profiteering operator was dumped and its operations taken under public control.

TransPennine Express (TPE) pocketed millions of pounds in taxpayer subsidies even as it cancelled one in six of its timetabled services leaving thousands of frustrated passengers stuck on platforms.

Almost a quarter of Britain’s rail services are now back under public control after failing miserably in the hands of privateers.

TransPennine, which is owned by First Group and operates coast to coast in northern England, joins London North Eastern Railway, Northern, and Southeastern services under public control.

ScotRail and Transport for Wales are run by the Scottish and Welsh governments.

Unions reiterated their calls for renationalisation of the whole rail network.

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https://morningstaronline.co.uk/article/b/another-incompetent-profiteering-train-operator-is-brought-back-under-public-control

Continue ReadingAnother incompetent profiteering train operator is brought back under public control