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Water bills set to skyrocket over next 5 years with some proposed to rise by 73%
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https://www.msn.com/en-gb/money/other/water-bills-set-to-skyrocket-over-next-5-years-with-some-proposed-to-rise-by-73/ar-BB1pKkZw?ocid=msedgntp&pc=NMTS&cvid=e68357f9af6644e2b263aff180229080&ei=19#fullscreen
In the last financial year, Thames Water made an "operating profit" of £75 million. Sound good? Not when you add in 2 factors:-
1. Thames Water paid out £158.3 million in dividends in March; and
2. It's debt pile rose by another £1 billion+ to over £15 Billion
According to Thames Water there needs to be a further £19 Billion spent on "upgrading" the system. But, for reasons I cannot grasp, that and the massive debt neither count towards "operating profit" or their ability to reward shareholders.
There are times when, as a nation, we need to pay to bail out essential Companies.
But not shareholders.
https://uk.yahoo.com/finance/news/thames-water-placed-special-measures-085834964.html
It appears that, while Thames has been reporting "profits", and distributing £Billions to shareholders and £Millions to its Directors in bonuses for good performance, Thames (and other Companies) believe it is the duty of the taxpayer to bail out what looks a lot like a £35 Billion debt, nearly half of which is "loans" for a completely indecipherable purpose. All this done over many years, and reported upon extensively for years.
The question is this:-
What exactly is the point of the Regulator, OFWAT?