In case you needed it, here is a figure to lay bare the spectacular failure that the privatisation of water has been for England and Wales.
On Monday, a major review into England and Wales’ water sector called for the regulator Ofwat to be scrapped.
The report’s author, Sir John Cunliffe, said Ofwat has failed in its duties. He warned water bills would rise by another 30% for consumers over the next five years.
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But perhaps the most shocking finding from the report was just how much money was estimated to have been extracted from the water system since privatisation.
The report estimated this figure was a sickening, mind-boggling, stomach-churning, rage-inducing £85,000,000,000.
In a post on X, Peston highlighted this part of the report, labelling it “egregious pillaging licensed by successive governments and Ofwat.”
Quoting the report, he wrote: “We estimate that over £85 billion has been extracted from the English water system by shareholders and affiliated parties since privatisation.”
The ITV journalist continued: “Given the parlous, creaking, under-invested condition of Britain’s water industry, this was egregious pillaging by shareholders that was licensed by successive governments and the regulator. As the report says, company executives and boards, regulators, ministers, all were to blame.
“It summarises: ‘this £85 billion represents a direct transfer of value from the public to private owners — a sum extracted while storm overflows proliferated, leakage targets were missed, and river health declined.'”
On Good Morning Britain, Water and Flooding Minister Emma Hardy was challenged over the £85bn figure.
The report comes just days after the Environment Agency revealed serious pollution incidents by water companies had increased by 60% in a year.
You can read more about that here.