this post was submitted on 30 Jun 2023

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Secret email from Severn Trent water boss to rivals: fend off nationalisation (www.standard.co.uk)

submitted 1 year ago by [email protected] to c/[email protected]

14 comments fedilink hide all child comments

‘Please don’t forward this email,’ begs £4m-a-year water chief Liv Garfield

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[–] [email protected] 10 points 1 year ago* (last edited 1 year ago) (2 children)

" [Labour] thinks there is room for improvement and, politically, there is significant pressure to ‘do something’ about utilities.

“One idea we believe might be attractive to the Labour leadership is re-purposing utilities and utility networks into a new breed of declared social purpose companies – companies that remain privately owned, who absolutely can (and should) make a profit, but ones that also have a special duty to take a long-term view.”

Won't somebody please think of the ~~children~~ shareholders!

The higher levels of companies are obliged to oppose this on behalf of their shareholders. If they do not, they run the risk of being removed. It would be hilarious, if the money wasn't coming out of our pockets for a utility we have no control over.

Forcing companies to take a long view is absolutely more sustainable, because it prevents boards of directors from bleeding a company next quarter to make this one look good.

[–] [email protected] 8 points 1 year ago

Bleeding a company dry which is critical infrastructure and therefore the gov will have to step in spending tax ££ on it. These companies should've never been privatised.

[–] [email protected] 2 points 1 year ago

but ones that also have a special duty to take a long-term view.”

Nice of them to admit they don't currently care about anything but the short term. Changing the name won't change their outlook, get these utility monopolies back into government control.

[–] [email protected] 6 points 1 year ago

One of the things all humans need to continue living should be "highly profitable" - fuck off with this nonsense unnecessary capitalism, please.

[–] [email protected] 5 points 1 year ago (1 children)

Nationalise it!

But if what is the tories reprivitise it?

[–] [email protected] 1 points 1 year ago (1 children)

Just tell the banks the debt is void, or they can swallow it, their choice.

Shareholders and management team get wiped out.

Municipalise it.

[–] [email protected] 1 points 1 year ago (1 children)

That would be illegal. That's just seizing assets that they legally own.

[–] [email protected] 1 points 1 year ago (1 children)

When companies go bankrupt, the debt is written off. That's not illegal.

[–] [email protected] 1 points 1 year ago

Yeah but the water company can't go bankrupt because it provides a key service. So the government will HAVE to rescue it and thus they'll HAVE to pay the investors something. Might be a write down but one way or another tax payers will be on the hook. I'm not supporting this shit btw. The water companies are a natural monopoly so should be controlled by the government and never have been nationalised. I'm just saying what is EVENITABLY going to happen.

[–] guriinii 4 points 1 year ago

Tax the hell out of these parasites, and the shareholders, then nationalise them, all utility companies.

[–] Nfamwap 2 points 1 year ago

I worked for Openreach when Liv Garfield was CEO there. She was overheard on an open mic saying older employees (those with better terms and conditions) were a 'Cancer to the company'.

Of course it was denied, but she didn't stick around long after that.

[–] Messi 2 points 1 year ago

Truss nomics

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