trippy wrote:A man with too much time on his hands writes a long and boring article that he hopes will speak to the masses, coin a phrase and spread like wildfire.
Thames Water (or rather its customers) had obligingly paid off £2bn of the £2.8bn of debt that the Australian investment bank Macquarie took on when it acquired the company in 2006, despite conditions set by the regulator that the utility’s finances would be ringfenced from the acquirer. The financing cost of this corporate transaction — from which water users derived no conceivable benefit — was simply lobbed on to their bills.
Over the past decade, the nine main English water companies have made £18.8bn of post-tax profits in aggregate, according to a study by Greenwich University. Of this, £18.1bn has been paid out as dividends. Consequently, almost all capital expenditure has been financed by adding to the companies’ debt piles. Collectively these now stand at a towering £42bn.
As things stand, water privatisation looks little more than an organised rip-off. Quite why this natural monopoly should not operate through not-for-profit, public interest companies is ever less clear.
Re some previous discussion somewhere about the left not getting its marketing together, this sounds way better than 're-nationalisation', while broadly having the same outcome. It doesn't have the negative, 1970s, backwards-looking connotations. It's also harder to oppose - ie why would anyone be against something in the public interest?monkey wrote:not-for-profit, public interest companies
monkey wrote:Money for what? Govt won't pay for a private, not for profit business.
We don't have the money not to do it.
hunk wrote:I scrolled through the article and thought that's 30 pages to introduce a buzzword. Fuck if I'm reading that.
Tempy wrote:In London, the total amount of rent paid is about four times the amount paid in interest to banks by owner-occupiers, according to Savills.
Younger people are responsible for about half of Britain’s total rent bill, paying around £24bn to landlords over the past year.
cockbeard wrote:Scrap Housing Benefit
Escape wrote:What's your transitory solution for those of us who'd be homeless without it? Without LHA I'd go from affording £400 pm to affording £100. As I've said before, the BtL feeders are the ones who can afford twice what I can (and more), many of whom don't claim LHA. I don't see LHA comprising much of the backbone of the problem, and if you take it away then you screw the most vulnerable. Prohibitive taxes on portfolios and rent caps are more my idea of a plan.cockbeard wrote:Scrap Housing Benefit
Diluted Dante wrote:His argument is that housing benefit creates a minimum rent.I don't really buy it myself.
I_R wrote:The problem goes all the way back to Thatcher and right to buy, the amazing thing is the number of people who've still not twigged that giving away council houses causes problems.
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