Thames Water
Debate between Richard Tice and Emma Reynolds(2 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Emma Reynolds
My hon. Friend is right to raise the impact of this issue on local businesses as well as residents in her constituency. I spoke to the chair of Ofwat yesterday evening, as well as sending the letter, and I know that he and the board of Ofwat are considering the proposal in great detail. I suspect that we will hear from them soon.
Richard Tice (Boston and Skegness) (Reform)
Enough is enough. Frankly, the sight of US hedge funds picking over the carcase of Thames Water’s pipe network is revolting—it stinks. The plan includes three quarters of a billion pounds of payments to hedge funds, shareholders, debt holders and bankers. It is completely unacceptable. Thames Water is bust: it is insolvent. Now is the time to put it into special administration. It cannot meet its financial obligations, and it cannot meet its performance obligations. I urge the Secretary of State to get on with it, put Thames Water into a special administration regime, and then buy it out for a pound. That would be a good deal for the taxpayer.
Emma Reynolds
May I welcome the hon. Gentleman to the party? It was a long time coming. I do not remember any mention of the sewage crisis in the Reform manifesto at the last election.