Jeremy Corbyn

Jeremy Corbyn

Your Party — Islington North

Speaking in the House of Commons on 23 October 2024

Debate

Water Companies: Regulation and Financial Stability

Contribution

It is a pleasure to serve under your chairpersonship, Mr Pritchard. Water is fundamentally a human right; everyone needs to use water at some point. The water companies, all now in private ownership, are responsible not just for the supply of water but, jointly with the Environment Agency, for river basin management, flooding and many other things. The private ownership of water since 1989 has resulted in £78 billion paid in dividends, mostly to foreign-owned companies, many of which do not pay tax in this country. It has resulted in a £60 billion debt collectively and £9.1 million has been paid to chief executives in utterly excessive salaries. The argument for privatisation was that there would be more investment, and the water would be cheaper and the service more efficient. Well, that has worked out well, hasn’t it? We have massive levels of sewage discharged into rivers and the sea, lower-quality water all over, and less and less investment in many areas.

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