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Labour’s shadow climate and net zero secretary, Ed Miliband, has called the feared collapse of Thames Water “a total scandal”.
However, Miliband says Labour are ‘cautious about nationalisation of water companies.’ – pointing out that it would require buying out the current shareholders.
‘It is a total scandal, the dividend pay-outs, the debt taken on and customers paying the price. We are cautious about nationalisation of the water companies. And why are we cautious of it?
Because it would involve… billions of pounds of public money being given to the water companies’ shareholders who have already made a big bonanza. We have a whole plan for changing the regulatory system mandatory fines when they pollute, Ofwat will have the power to cap bills because it shouldn’t be the bill payer that is paying the price of this, the companies should be paying the price of it.’
