Fines for the water companies

This might help. News rules imposed by Labour government.

Companies have agreed to change their 'Articles of Association' – the rules governing each company – to make the interests of customers and the environment a primary objective. Consumers will gain new powers to hold water company bosses to account through powerful new customer panels.

The fines are to be used to clean up the pollution etc.

I expect it goes to the Treasury. It won't be earmarked for anything in particular, it'll just be a figurevin the national accounts.

It is a pitifully small sum, which, even if it was to be used to improve the water infrastructure (which it won't, because the state isn't responsible for it) it would be like.sticking a finger in a gigantic hole in a dam. The infrastructure needs much, much more invested in it.

The state is responsible for our waterways and sea though, and this would go a long way to clearing a river or two or three!

It can also go towards flood defences, which are in a parlours state after years of underfunding.

Well for once it won’t be going to the stakeholders.
I really think that the water companies should be nationalised, very few countries have privatised their water supply. Clean water is a human right not a privilege.

I suppose as our local river borders two countries they'll be arguing for ever more about who is responsible for cleaning it up and nothing will improve.
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All very well but they'll just pass it on to us consumers. Privatisation of water was a rip off of a public asset and it should be renationalised without compensation - the shareholders have had bumper profits for years while the service has gone to the dogs.

I do wonder, I'd like to think, those who suffered bouts of illness down in Devon, due to contaminated water, received some form of compensation for what they've been put through.

Yes they've gone to the dogs, it's a big mistake allowing any utilities into foreign ownership imo. We need to make all of them, our concern.

I agree a pitifully small sum... and time the Government accepted that water is not a necessity that should be in private ownership.. makes me angry

Sadly I just think Grantanow is correct, the consumer will finish up paying the fine. The water companies are not going to deprive their shareholders of a dividend while they've got a captive consumer base.

Babs03

Well for once it won’t be going to the stakeholders.
I really think that the water companies should be nationalised, very few countries have privatised their water supply. Clean water is a human right not a privilege.

....but the shareholders will be demanding that water utilities put up their prices to customers in order to pay the fines without affecting dividends

Why did the uk sell water to overseas companies? Very very short sighted. My water supply company are being fined and quite rightly.

I would like to know who will pay for the water boards to pay the fine, I bet it is the taxpayers.

Well I doubt we will see any of it! Or if they actually pay up! As conveniently they’ve all said that they are broke!

I think I have posted previously . When the water companies were privatised my OH was dealing with one of them as a civil servant. The main Managers/ CEOs had their salaries increased by adding several 000s on the end of their salaries but there was nothing left for the workers. percentage wise , the gap has increased.
My personal opinion is that foreign investors should not be able to invest in our basic services,