UK Politics
General Discussion for politics in the UK.
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[email protected] appears to have vanished! We can still see cached content from this link, but goodbye I guess! :'(
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UK taxpayer is now liable for Thames Water's £12bn debt.
How the fuck did we end up with a system that allows so called "investors" to not just pick our pockets, but the pockets of people that haven't even been born yet?
All this to allow Thames to survive for at least one year.
Thames needs to be allowed to fail and investors need to take the hit, not the bill payer.
Loading it up with debt is an intentional strategy as you point out you can't not let an essential service disappear so you either have to nationalise it or bail it out with taxpayer money.
You gain money to pay dividends, you make money on the interest, and then you make money when the company finally goes bust and has to be bailed out and the loan is refinanced.
Not someone I agree with on much, but Jacob Rees-Mogg said that Thames Water should just be allowed to go under and then the market can sort itself out.
People are not going to be without water, after all.
But if the essential parts are left undone for a period due to not paying staff and they leave as insolvent, how many people would die from contaminated water or similar.
It should be allowed to fail, but a plan to ensure continuity is needed.