The UK faces significant challenges in preparing for climate shocks due to a reliance on private ownership, particularly in the water sector. Historical lessons from crises have not been applied, leading to repeated mistakes. The privatisation of water has not resulted in the promised investments; instead, it has financially exploited consumers. There is a marked reluctance from the political class to renationalize public utilities, which exacerbates the ongoing climate and political crises. This trend indicates a broader ideological issue within the government, prioritizing private sector solutions over public intervention.
The current administration seems prepared to go to any lengths not to break the pattern established by previous governments, regarding the water privatization system.
Labour's response to climate impacts mirrors government timidity; watching helplessly while the water companies benefit has become the norm.
A detailed analysis reveals that the promise of higher investments through water privatisation has proved false, with no net investment from 1990 to 2023.
Between 1990 and 2023, shareholders extracted 77.6 billion in dividends, demonstrating a significant withdrawal of equity and highlighting financial exploitation.
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