• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics Business

Over 70% of England’s water industry owned by Foreign firms, says study

If Michael Gove is serious about taking back control he must put England’s water back in public hands, says GMB Union Shock findings show that almost three quarters of England’s water industry is currently owned from overseas. At least 71% of shares in England’s nine privatised water companies are owned by organisations from overseas including […]

Joe Mellor by Joe Mellor
2018-09-29 00:20
in Business, News, Politics
FacebookTwitterLinkedinEmailWhatsapp

If Michael Gove is serious about taking back control he must put England’s water back in public hands, says GMB Union

Shock findings show that almost three quarters of England’s water industry is currently owned from overseas.

At least 71% of shares in England’s nine privatised water companies are owned by organisations from overseas including the super-rich, banks, hedge funds, foreign governments and businesses based in tax havens.

The revelations showed the need to end the scandal of water privatisation – and on the eve of Conservative Party conference called on Environment Secretary Michael Gove to put water back in public hands.

The figures come from a new investigation into company accounts as part of GMB’s Take Back the Tap Campaign.

Earlier this week Shadow Chancellor John McDonnell announced to Labour Party Conference in Liverpool he would end the profiteering of privatised water and set up a new publicly owned water system that puts control back in the hands of the people.

Some of the leading overseas owners of England’s privatised water companies include:

RelatedPosts

Raab rejects bid to include right to abortion in Bill of Rights as Creasy slams move

PMQs – Raab’s Glyndebourne ultimatum leaves him brayed by the working class 

‘I feel soiled’ says MP who saw Raab winking at Rayner as she also responds

Steve Bray: Stop Brexit Man vows to protest ‘twice as loud’ after police seize amplifiers

  • Malaysian company YTL Corporation Berhad which owns all of Wessex Water
  • Cheung Kong Group, a multinational registered in the Cayman Islands run by family of Li Ka Shing (Hong Kong’s richest person). They own 80% of Northumbrian Water.
  • U.S. hedge funds Blackrock, Lazard and Vanguard each own a stake in Severn Trent, United Utilities and South West Water
  • Between Germany’s Deutsche Asset Management and US private equity company Corsair Capital own half of Yorkshire Water
  • 40% of Southern Water is owned by US investment company JP Morgan Asset Management
  • A third of Thames Water is owned by investment fund companies from the United Arab Emirates, Kuwait, China and Australia
  • Australia’s Colonial First State Global Asset Management owns a stake in Anglian Water, Severn Trent, United Utilities and South West Water

In recent months, GMB investigations into England’s nine privatised water companies have revealed the following:

  • Dividends worth £6.5 billion were paid out to shareholders in the past five years, with £1.4 billion paid out in 2017 alone.
  • 2.4 billion litres of water is wasted through leaks every single day in England.
  • CEOs of the nine privatised water company trousered a whopping £58 million in salary, bonuses, pensions and other benefits over the past five years.
  • While shareholders pocketed these eye-watering sums, consumer water bills in England and Wales have increased by 40% above inflation since privatisation in 1989 according to a report by the National Audit Office

Tim Roache, GMB General Secretary, said:“It’s a scandal that the supply of water that falls from England’s skies is in fact now overwhelmingly owned by overseas profiteers.

“If Michael Gove is serious about taking back control, he will end the water privatisation rip-off racket and put water back in public hands.

“Every time we turn on the tap big businesses around the globe are making money at our expense. The spivs and speculators must be laughing at us as they make billions in profits while our water bills go up and leakages go unfixed.

“This is yet another damning example of a failed privatisation experiment. GMB is campaigning to Take Back the Tap and return England’s water to its rightful owners – the public.”

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

TV star Ben Fogle backs calls for more research into controversial kelp harvesting plan

Why is NHS past breaking point? This thread will tell you…& it’s not an easy read

Music industry predicted to shutter three in five jobs in COVID-19 fallout

Labour prepared to back second Brexit referendum

China downgraded by Moody’s for first time since 1989

Tory poll lead slashed to one point in wake of Paterson debacle

England without Rooney: Brave new world or foolish mistake?

Goodbye, Britain: Tories are turning the UK into the 51st State

Carrie Gracie hits out at ‘whitewash’ investigation into BBC equal pay

Farage says Brexit Party won’t contest any seats won by Tories in last election

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.