11 September 2025
The executives of Thames Water have raked up a debt mountain of £19bn of years of mismanagement, causing major concerns with the Government
Over the years the Board of Directors of Thames Water quietly and silently has been not investing the money provided to them from hardworking Londoners but putting billions in exhorting and outrageous wage increases and bonuses.
The executives of Thames Water have racked up an eye watering debt mountain of £19bn because of mismanagement and paying high wages and bonuses within the utility company and to shareholders.
Thames Water business executives put pressure on the former Conservative government and are now using the same tactic on the newly elected Labour Government into helping to use taxpayers' money to not only prop up the utility giant but to pay off their £19 billion debt mountain.
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When the news finally broke the public were outraged and refused to allow any Government to nationalise the debts while privatising the profits from now and in the future.
Even Conservative politicians were uneasy about allowing a failing and mismanaged utility company being given taxpayers money to allow them to get off the hook and allow them to continue to increase their wages, bonuses and money given to their shareholders.
Thames Water isn't a difficult company to run because in London it has a monopoly and a customer base of 15 million people and having a product which is produced and in plentiful supply by nature - water, and many people are still confused why Thames Water was allowed to be run effectively into the ground.
The other big outpoint is why didn't the British water regulator the Office for Water Services Regulation Authority (OFWAT) investigate the health of the company and what they were doing to manage their services of clean drinking water, dealing with waste and sewage and keeping the roads, walkways, canals, rivers and beaches clean from leakages.
The reason the then former and late Baroness Thatcher privatised British national businesses and companies, which included the utility services was to get more investment from the private sector so the thinking was to sell it off to the private sector and let them deal with raising capital and upgrading, repairing and laying the infrastructure required to service the public with clean drinking water and manage the waste and sewage.
But instead, and not only Thames Water has fallen foul of this practice, but many other former nationalised businesses and companies have neglected the investment part and just banked the customers money in their back pocket and plead poverty when the undelightful mess hits the proverbial fan.
Successive governments over the past twenty-five years have avoided the need to either call it a day on these former nationalised businesses and companies to renationalise them and run them for the people run by the people of government workers.
It does seem that if the Board of Directors of Thames Water does not get the company on an even kiln and restructure the £19 billion debt mountain without ripping off the customers with high water bills, then the Labour Government under Sir Keir Starmer will take Thames Water under the government's wing so that Londoners get treated probably and fairly when it comes to the most important product we all need to survive.
Thames Water appointed a new Chairman Sir Adrian Montague in July 2023 and the CEO Chris Weston in January 2024 and both have stated that he is optimistic in getting the company back on track, and under the watchful eyes of OFWAT and the Prime Minister to make sure that Londoners get the service they desperately desire.
Thames Water is privately owned so if they folded then the investment banks would lose money and the British Government would be in a position to take over the company with emergency powers and then a proper and full cleanup of British rivers, canals and sewage and clean water plants delivering an excellent service to the British people, which should have happened in 1989 the year it was privatised.
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