Clive Lewis

Contribution

I will just make some progress, and then I will give way. I am on a roll. Let me tell the House where the money has not come from for these past 35 years. It has not come from private shareholders or long-term thinking, and it certainly has not come from some mythical well of benevolent capitalism. The private companies have put in less than nothing; in fact, they have racked up more than £60 billion in debt. Thames Water has paid more than £7.2 billion in dividends since privatisation, and is now £15.2 billion in debt and counting—work that out. Now, it is trying to plug the hole with a £3 billion emergency loan that will cost 10% in annual interest. That is more than half a billion pounds a year, just for interest payments, courtesy of our bills. That money will not build a reservoir, fix a pipe or clean a river, but it will keep a rotten system afloat for a little longer.

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