Campaigners have warned that a financial bailout of struggling Thames Water could cost London households a whopping £250 a year.
The company is trying to secure approval from the high court today for a £3 billion financial lifeline to add to its £15 billion in debts.
Without the so-called “liquidity extension”, the company says it will run out of cash by next March.
Analysis by the campaign group We Own It, who were protesting outside the courts, estimates that the bailout, if approved, will cost customers £250 a year each.
“This deal is for £3 billion of cash right now that will be charged at a whopping 10 per cent interest … that’s £250 a year from every household,” said Matthew Topham of We Own It.
“We don’t think that households should have to pay to bail out Thames Water,” he said.
Labour MP John McDonnell has also taken to social media to call for water to be brought back into public ownership to avoid such scandals happening again.
Here’s his argument in full: