Rees‑Mogg Calls for Thames Water’s Whack‑out
Jacob Rees‑Mogg isn’t just cussing around—he’s demanding that Thames Water be forced into the corporate graveyard, so its assets can pay off a bursting £15 billion debt.
What’s the Upshot?
- Rees‑Mogg says the bank‑rupt routine could save taxpayers from a giant bill.
- He urges suppliers to insist on cash‑on‑delivery, anticipating that they’ll be the last to get paid if the company collapses.
- Chief Executive Chris Weston has already warned that, by end‑2025, a lack of funds could trigger special administration—essentially a taxpayer‑funded rescue.
Why The Pressure?
Thames Water recently pumped up rates by as much as 40%. That move has left customers, businesses, and employees fighting a financial killing‑joy—and Rees‑Mogg thinks the only logical exit is to let the company go under.
Rees‑Mogg’s Bottom Line
“In the current circumstances, any supplier to Thames Water should demand cash when it’s handed out. The usual practice is that they’ll be unsecured creditors if the firm goes insolvent,” he wrote on X.
— So the question remains: will the company sink or float through the impending financial storm? Only time, and a bit of parliamentary magic, will tell.
Thames Water: What could investors have known beforehand?
Thames Water could increase bills by up to 40%
Thames Water are a ‘disgrace’ and have been ‘arrogant’ to their customers, says Gove
When Residents Take the “Do‑Not‐Enter” Route
Picture a scene straight out of a bad comedy: a road littered with used condoms and tampons, with human faeces spouting everywhere. It’s not a devastating flood or a sad‑faced news headline— it’s the reality villagers are forced to live with.
Thames Water: The Elephant in the Water‑Room
- The company is nursing an 80% debt load, equivalent to an 80% mortgage on your house.
- About 20% of its shares sit in a pension scheme for UK university staff, putting retirement funds on a precarious swim.
- If Thames Water were to dive into bankruptcy, pension plans could tremble like a drum in a thunderstorm
Why the Government’s Attention Is Crucial
Sir Robert Goodwill, chair of the Environment, Food and Rural Affairs Select Committee, called a TV morning talk show on Radio 4:
- You’ve got to see this: the company still feels like a rock‑solid house but is rough‑shod on the plumbing front.
- “We do need more funding to clean up water and run the pipes,” said Sir Robert. “But we must INVEST in a way that stops companies from running like circus clowns.”
Who’s Watching?
The Chancellor, Jeremy Hunt, confirmed that the Treasury has eyes on the situation:
“The company is still solvent. And customers will not notice a hiccup in service right now,” Hunt told reporters. “Some areas may still lag, but we’re keeping a keen eye on this.”
Bottom Line: A Run‑Away Problem That Needs Fix‑It!
With the stakes high—customers’ pipes, people’s toilets, and plans for future retirees—it’s time for a serious drip‑on‑drip fix. The solution is happening, but if it isn’t handled right, the mechanics of our own plumbing (and a few pensioners) could get clogged out of existence.
