Extract from Business
questions
(Gordon) (SNP): In
Scotland this week, the iconic Caledonian Sleeper rail service
was returned to public ownership, where it joined ScotRail,
LNER—London North Eastern Railway—Northern Rail, Southeastern,
Transport for Wales and TransPennine Express. Although they are
often referred to as operators of last resort, experience shows
that they make excellent operators of first resort. Perhaps the
conclusion to draw is that some things just naturally belong in
public ownership, like the water industry in Scotland. Given the
current travails of Thames
Water may I suggest that the Leader of the House
make time available for a debate on why the public interest
should always take precedence over private profit not only in the
rail sector but in the provision of water?
Thames Water
(Public Benefit Corporation) Bill - Presentation and
First Reading
, supported by and , presented a Bill to
establish a new model of company structure
for Thames Water
to be called a public benefit corporation; to require that public
benefit corporation to consider public policy benefits, including
reducing leaks and sewage dumping, as well as returns for
shareholders; to limit the payment of dividends until a plan is
in place to cut the corporation’s debt; and to require membership
of the corporation’s board to include representatives of local
environment groups.
Bill read the First time; to be read a Second time on Friday 24
November, and to be printed (Bill 339).
Extract from Lords
debate on UK Economy: Growth, Inflation and Productivity
(Lab):...How is it that a
private equity outfit such as Macquarie can acquire public assets
using debt-laden finance, and then borrow further against those
assets and the stable income streams that infrastructure
companies generally have, and then pay out generous dividends and
executive bonuses unrelated to the service levels that are being
provided? Look at Thames
Water It has been in the news recently for its
appalling performance in managing the biggest water catchment
area in the country. Now we know that, financially, it is in big
trouble and a possible candidate for nationalisation, because
nobody else is likely to take it on. That is because of being
initially laden with debt by Macquarie. Other British companies
are labouring with the weight of debt not borrowed for investment
in technology or for improving the skills of their workforce but
to pay out dividends and executive bonuses related to shareholder
value...
For context, OPEN HERE
