Chief executive of Ofwat, David Black, on @BBCr4today sounding very much like a spokesman for the water companies, rather than their regulator.
Suggests critics have a "confusion" between company returns and dividends, adds the industry is "complex" + "difficult to understand"
Suggests critics have a "confusion" between company returns and dividends, adds the industry is "complex" + "difficult to understand"
DB: “Companies are competing on international capital markets. It’s important that they are able to earn a rate of return.”
@MishalHusain “So, those who think that regulation has failed, they’re confused?”
DB “There isn’t sufficient account given for what is happening.”
@MishalHusain “So, those who think that regulation has failed, they’re confused?”
DB “There isn’t sufficient account given for what is happening.”
Black also said net investment had increased "fourfold since privatisation".
(NB Mrs Thatcher actively prevented publicly owned water boards from borrowing to invest).
Meanwhile, here's FT stats on falling capital investment + company debt
ft.com/content/86ac79…
(NB Mrs Thatcher actively prevented publicly owned water boards from borrowing to invest).
Meanwhile, here's FT stats on falling capital investment + company debt
ft.com/content/86ac79…
Ofwat's website (which could be confused for that of Water UK, the industry's own body), says total investment has only 'roughly doubled' since privatisation [not quadrulpled, but maybe Black prefers the higher figure]
ofwat.gov.uk/investment-in-…
ofwat.gov.uk/investment-in-…
Anyway, here's my piece from last week on why tougher regulation, more public control + ownership should be back on the table.
Remember: England is the only country in the world where this particulary privatisation experiment was tried.
inews.co.uk/opinion/the-la…
Remember: England is the only country in the world where this particulary privatisation experiment was tried.
inews.co.uk/opinion/the-la…
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