UK Rivers & Coasts Awash In Raw Sewage, But Private Water Company Profits Up 82% Since 2019

[hatrack]

Water companies in England and Wales have almost doubled their profits since 2019. During this parliament, which started in 2019, pre-tax profits at water companies have climbed by 82%, according to a Liberal Democrat analysis of Companies House data. It found that in 2022-23, England’s water firms made £1.7bn in pre-tax profits. This is up 82% since 2018-19, when the same companies made £955m. Since 2018-19, water firms have made £4.2bn in pre-tax profits.

At the Lib Dem spring conference, which starts on Friday, the party will announce a range of measures to stop water companies from prioritising profit over the environment. It will call for an additional 16% levy on top of corporate tax for water firms, and ask for this to pay for river cleanups and also the salaries of environmental journalists in each region. The party is dubbing this a “sewage tax”.

Water companies plan to increase bills by up to 40% by the end of the decade in order to pay for infrastructure improvements such as fixing leaky pipes and building new sewers. A large chunk of water bills, 28% in the case of Thames Water, also goes to servicing debt.

The Lib Dem leader, Ed Davey, said: “These eye-watering profits are a national scandal. Whilst our rivers, lakes and coastlines get destroyed by raw sewage, these polluting firms are laughing all the way to the bank. Frankly, the whole thing stinks. “This is concrete proof that under the Conservatives, water firms have prospered and got away with environmental vandalism. Britain needs a new wave of local journalists to hold polluting companies to account.

EDIT

https://www.theguardian.com/business/2024/mar/15/water-firms-profits-england-wales-almost-double-since-2019