Thames Water
Debate between Steve Reed and Rebecca Long Bailey(3 days, 7 hours ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Rebecca Long Bailey (Salford) (Lab)
I note the Secretary of State’s reluctance to entertain public ownership, but I draw his attention to research from the University of Greenwich that shows that bringing water into public ownership would pay for itself within about seven years and that, after that, it would save the public purse up to £2.5 billion a year. Is the Secretary of State aware that immediately bringing Thames Water into special administration and permanent public ownership would cut the company’s massive debt mountain in half, stop the payment of huge dividends and debt payments into the future, and within just several years actually start turning a profit for the people of this country?
Steve Reed
I beg to slightly correct my hon. Friend. Special administration is not nationalisation and nationalisation would cost in excess of £100 billion—money we would have to take away from other public services to hand to the bosses of the water companies who caused this mess in the first place. I do not think taxpayers would welcome that.