UK water crisis pollutes privatisation legacy

Thames Water, which is drowning in debt, has been under fire for years over releasing untreated wastewater into rivers and seas – Copyright AFP STR

Ben PERRY

Britain’s biggest water supplier staving off renationalisation, trains derailed by strikes and consumers suffering huge energy bills — the nation’s vital sectors are mired in chaos decades after their controversial privatisation.

Sold off in the 1980s and 90s under Conservative prime ministers Margaret Thatcher and John Major, state-run utilities and British Rail were split into several companies, unleashing fresh investment but also huge executive bonuses, shareholder dividends and massive debts.

Thames Water on Monday announced a significant financial injection from shareholders that keeps Britain’s biggest supplier of the commodity afloat.

The company, reported to have been at risk of renationalisation, said shareholders agreed to provide further funding worth £750 million ($960 million).

However, it falls short of the £1 billion it sought on top of £500