Profits for water companies in England and Wales have nearly seen a twofold increase from 2019.
According to an analysis by the Liberal Democrats of data from Companies House, pre-tax profits for water companies have increased by 82% since the beginning of this parliament in 2019.
In the fiscal year 2022-23, England’s water companies earned £1.7 billion in pre-tax profits, which marks an 82% increase from the amount they made in 2018-19, which was £955 million. In total, the water companies have accumulated pre-tax profits of £4.2 billion since 2018-19.
During the upcoming Lib Dem spring conference, the party will reveal multiple proposals aimed at preventing water companies from prioritizing profits over the health of the environment. These efforts include advocating for a 16% increase in corporate tax for water corporations, with the extra funds going towards river clean-up initiatives and hiring environmental journalists in each area. This measure is being referred to as a “sewage tax” by the party.
Water providers are proposing a potential 40% rise in bills by the end of the next ten years in order to fund necessary updates to their infrastructure, including repairing faulty pipes and constructing new sewage systems. A significant portion of these bills, 28% specifically for Thames Water, is also allocated towards paying off debts.
The leader of the Liberal Democrats, Ed Davey, expressed that the profits being made are outrageous and a disgrace to the nation. As our bodies of water are being damaged by untreated waste, these offending companies are reaping the benefits with no concern. The situation is completely unacceptable.
This evidence definitively shows that under the Conservative government, water companies have thrived and avoided punishment for harming the environment. It is crucial for Britain to have a fresh group of local journalists who can hold these polluting companies accountable.
This courageous strategy will heighten the public’s knowledge about environmental disasters and aid in holding influential corporations responsible. There is an abundance of narratives to share within local areas, and it is appropriate for the water companies to contribute funds for training the future generation of waste investigators.
“We began our party’s campaign on this matter three years ago and brought attention to the issue of water quality in Westminster. Liberal Democrat activists nationwide are leading the charge against water companies that pollute and prioritize profits.”
The water industry’s representative, Water UK, has been reached out to for a response.
Source: theguardian.com
