Ofwat simply proved that they maintain water invoice payers | U.Okay.Finance Information
A Excessive Court docket Choose known as out the Authorities and water regulator, Ofwat, for not bothering to show up at courtroom to characterize the public in a case that’s poised to waste up to £900M of clients’ money on legal charges, advisors and curiosity funds to collectors in simply six months.
“It would have been nice, I think, if either Ofwat or the Secretary of State had felt the need to turn up and explain the position to the court.”
Mr Justice Leech was summing up on the finish of a week-long listening to for Thames Water so as to add about £3billion more debt to the £19billion – yes, nineteen thousand hundreds of thousands of kilos of debt that’s the root trigger of its quickly approaching chapter.
What occurred to the concept water payments ought to be spent on delivering water provides and sewerage providers not feeding shareholders, lenders and their attorneys and advisors?
Think about promoting a product no one can do with out to captive clients who need to buy from you and being so grasping that you just drive this assured profitable business of a cliff whereas regulators and governments watch – and we pay. The work of a sequence of obscenely extremely paid senior executives who’re nonetheless claiming bonuses and paying dividends because the cliff edge approaches.
The decide famous that the one illustration of the public curiosity got here from Witney MP, Charlie Maynard who supported Oxfordshire based mostly charity Windrush In opposition to Sewage Air pollution (WASP) which noticed the injustice and utilized to the courtroom so as to add proof simply earlier than Christmas.
With out this and the beneficiant free legal illustration from a specialist Barrister staff led by William Day supported by instructing solicitors Marriott Harrison, the public would have had zero enter to a resolution that may have an effect on everybody.
Now we anticipate the Choose’s reply. Will Thames Water be allowed to hold on milking captive clients who already pay about 33p within the £ to fund pointless loans that had been used to maximise shareholder returns or will a bizarrely reluctant Authorities, nonetheless utilizing the water industry’s ultra-high, however fictional prices to scare the public about a return to public possession, lastly be compelled to get a grip and begin defending the nation from abroad financial predators?
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