Jeremy Corbyn has urged that the UK’s water industry should immediately return to public ownership. He argues that since privatisation, £72 billion has been taken from the industry. According to Corbyn, this money could have been used to improve infrastructure and ensure clean water for everyone. His statement comes as the government launches its biggest review of the water sector in 35 years.
Government Review of the Water Industry
Today, the government announced an Independent Commission to examine the water industry and its regulation. This review is the most significant since the privatisation of the sector in the 1980s. The goal is to attract long-term investment and resolve key issues such as pollution and water shortages. Experts predict that by 2050, the UK will need an extra 5 billion litres of water per day to meet the country’s needs.
Former Deputy Governor of the Bank of England, Jon Cunliffe, will lead the review. A panel of experts from sectors like health, engineering, and economics will contribute to the findings. These experts will recommend solutions to modernise the industry and improve services.
The Water Crisis
Secretary of State Steve Reed addressed the urgent need for reform. “Our waterways are polluted, and our water system urgently needs fixing,” Reed said. “That is why we have launched this Water Commission, to attract investment and rebuild our water infrastructure.”
He explained that the Commission’s findings would shape new laws. These laws aim to make the sector more efficient and environmentally friendly. The goal is to improve water supply management and speed up infrastructure projects that could also benefit housing developments.
Corbyn’s Criticism of Privatisation
Despite the government’s plans, Corbyn insists that private companies have had their chance to solve the industry’s problems. He believes privatisation has failed the public and that renationalising the water industry is the only solution.
Corbyn argues that water is a basic necessity and should not be controlled by private companies. “Since privatisation, we’ve seen £72 billion taken out of the water industry. That’s money that could have been reinvested in better infrastructure, cleaner waterways, and a reliable water supply,” he said.
According to Corbyn, profits from the water industry have gone to shareholders rather than benefiting customers or the environment. He believes public ownership would ensure that future profits are reinvested in the system for the good of the public and the planet.
Public Ownership: The Way Forward?
As the Commission begins its work, many will be watching to see if the government can deliver meaningful changes. Will their reforms be enough to solve the industry’s deep-rooted problems, or is a more radical approach—like renationalisation—the answer?
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