Thames Water does NOT make the case for public ownership

No, Thames Water's crisis does not make the case for public ownership

SUBSCRIBE SUBSCRIBE June 28, 2023 View in browser No, Thames Water's crisis does not make the case for public ownership Water is still run by publicly owned utilities in Scotland, Wales and Northern Ireland. Is it better managed than in privatised England? No. Sewage discharges are just as bad, leaks are worse, and investment has been lower. The main advantages, in my opinion, are that executive pay is lower and that the public utilities have avoided becoming loaded with debt.  This last is what has done for Thames Water, the biggest of the privatised companies, which has engaged in financial engineering at the expense of prudence.  There is no perfect model. Public utilities are liable to have their investment budgets squeezed by governments trying to save money in the short term. Private companies have access to more capital, for which they have to pay (attacks on "dividends" paid mostly to institutions such as pension funds are ill-informed), but find themselves squeezed by regulators, themselves acting on behalf of the general public.  Do not listen to any arguments that do not start by accepting the trade-offs inherent in any quasi-monopoly.  Quiz question What is the second largest air force in the world, by number of aircraft? (Yes, it is a trick question) Answer at the bottom of today's email Daily briefing Sunak encourages other accusers to come forward after groping claims Daisy Goodwin reveals contact from other women 'with some very interesting stories' Labour's Brexit plan won't solve Northern Ireland dispute, says DUP Jeffrey Donaldson says planned veterinary deal with EU is not a 'catch-all solution'  Labour scraps pledge to bring in rent controls in latest U-turn Nandy says controlling rents could make people homeless Articles driving the biggest conversations UK failing to meet net zero targets, government climate watchdog warns Articles available exclusively to subscribers After another scandal in the cesspit of Pestminster, who will stop the rot? What else do you need to know today?   The prime minister's press secretary said the Pilot V erasable ink pen he uses is standard issue and he has never used the eraser: "I can also confirm the earth is round and the moon landings were real" Final constituency boundaries for the next general election have been published: look up your postcode here Daniel Korski has bowed to the inevitable – "with a heavy heart" – and withdrawn from the contest for the Tory nomination for London mayor Labour U-turn watch: as well as rent controls (above), Keir Starmer is dithering over the promise to restore the Department for International Development (having already refused to commit to raising the aid budget to 0.7 per cent of national income) Thanks to Adam Forrest and Archie Mitchell, without whom this newsletter would not be possible Rentoul's reading list   Rebecca Thomas, The Independent's health correspondent, has prompted a public inquiry into abuse in teenage mental health care Steve Barclay, the health secretary, writes for The Independent about it (Premium) I wrote for Independent Premium about Prime Minister's Questions: "He's given up," said Keir Starmer of Rishi Sunak I also wrote late yesterday about Matt Hancock's evidence to the covid inquiry and his apparent response to humiliation being to seek further humiliation   Enjoy a year of unlimited digital access for just £99 £20 ✓ Full access to Premium news analysis ✓ Advert-free reading across web and app ✓ The Independent Daily Edition newspaper ✓ Puzzles, virtual event tickets and more SUBSCRIBE NOW Inside the bubble What to look out for tomorrow Another quiet day in the Commons, starting with business and trade questions to Kemi Badenoch and her ministerial team at 9.30am. After any urgent questions and ministerial statements, the only business is backbench debates on the fishing industry (led by Alistair Carmichael, Lib Dem) and artificial intelligence (led by Matt Warman, Conservative).  Quotation of the day "Minister Rebecca Pow opens her Commons statement, 'Water is what makes life possible on our planet,' opening up the possibility she googled water before coming in to the chamber." Kitty Donaldson, Bloomberg Quiz answer: The US Army comes second, after the US Air Force We noticed that you might not be registered By registering, you will enjoy limited access to Independent Premium articles, commenting, and virtual events with our leading journalists REGISTER FOR FREE OTHER NEWSLETTERS YOU MIGHT LIKE Morning Headlines Weekdays, 8am (UK time) Written by the UK team Join now Health Check Every Thursday, 7am (UK time) Written by Rebecca Thomas Join now Morning Headlines Weekdays, 8am (UK time) Written by the UK team Join now Health Check Every Thursday, 7am (UK time) Written by Rebecca Thomas Join now The Independent proudly partners with Refuge and the National Domestic Abuse Helpline: 0808 2000 247 News you can trust The Independent has a 100% NewsGuard trust rating FIND OUT MORE If you can spare a minute we'd love your feedback on our newsletters. Join the conversation or follow us Please do not reply directly to this email.   You are currently registered to receive The Independent's The View From Westminster email. Add us to your safe list of senders . If you do not want to receive The Independent's View From Westminster email, please unsubscribe. If you no longer wish to receive any newsletters or promotional emails from The Independent, you can unsubscribe here.   This e-mail was sent by Independent Digital News and Media Ltd, 14-18 Finsbury Square, London EC2A 1AH. Registered in England and Wales with company number 07320345. Read our privacy notice and cookie policy.