I still don’t think many people have clocked how massive this story actually is.
Thames Water is carrying £19.8bn of debt, up 2 billion in a single year, and it will run out of money before Christmas.
£19.8bn against 16 million people who cannot switch, can’t leave, and cannot stop drinking water.
That’s about £1,240 per head. 5 grand for a family of four. In some way, shape, or form, they’re on the hook for it.
That’s the part that I don’t think has landed yet. This isn’t a story about sewage in the Thames, or bonuses, or another regulator caught asleep. The actual event is 30 years of a monopoly being used as collateral by people who knew its customers could never walk away. The bill has now come due… and it’s a big one.
The pipes and the infrastructure were never the real asset. The 16 million captive water drinkers were.
What’s going to really sting is the fact there’s only two ways this gets settled. Your bill goes up, substantially, or your taxes do. Most likely both, and it’ll be on a schedule designed in a way so you don’t notice the hit, in an attempt to suppress the rage you should rightly be feeling.
And before anyone tells me the creditors are taking a 30% haircut, look at what they’ve asked for in return. Fines waived until 2030. Pollution targets “significantly modified.” Bills raised above what the regulator allows. That isn’t exactly them eating the loss now, is it. That’s them buying a regulatory holiday, on debt most of them bought at distressed prices.
Nobody voted for this, nobody borrowed it, and nobody saw the benefit of it. The debt was loaded onto a captive customer base over 30 years and paid out to shareholders who have long since gone.
16 million people are about to find out that they co-signed something they were completely unaware of.
Now, this is what should worry us all. Thames isn’t a rogue outlier, it’s just the first one to fully hit the wall. English water carries north of £60bn of debt. Southern is already junk rated, needed a £1.2bn rescue from its shareholders, and its customers are looking at a 48% bill rise this decade before you count what the CMA added on top. Every one of these companies borrowed heavily when money was free and now have to refinance it all in a world where it isn’t, while being told to spend billions on infrastructure they left rotting for 30 years. Thames is just the first and most visible of what will likely end up being a line of dominoes.
Maybe Burnham nationalises Thames Water. But ask yourself… how many more will need to be nationalised? And who do you think pays for that?
That’s genuinely insane. My “favourite” UK-China comparison is Hinkley Point C vs the city of Shenzhen.
> 1980 Shenzhen SEZ announced
> 1981 Hinkley Point C announced
Today Hinkley Point C is still incomplete with yet more delays. Unit 1 expected to come online in 2030 (I highly doubt it).
In comparison Shenzhen went from a network of fishing villages with a GDP of $37 million to a mega city with a GDP of $557 billion. It has two operational nuclear power plants.
It is genuinely hard to describe the state of Britain if you have not visited newly developed parts of the world. Practically nothing has been built in Britain in the last 50 years, it isn’t just stagnating, it’s dying.
80 yıl boyunca her yıl 120 gün ve günde 24 saat 12.000 btu bir klimayı çalıştırırsanız ömrünüz boyunca doğaya yaptığınız co2 salınımı 100 ton olacaktır.
bir süperyat haftada 109 ton
bir özel jet yılda 810 ton
co2 salınımı yapar.
yani ömrünüz boyunca yazları terleyerek geçirirken bir milyardar sadece bir haftada sizin ömrünüz boyunca kaçındığınız zararı doğaya verebiliyor.
So...
We're not allowed to buy air conditioners for our houses to cool them in hot summer weather, because we don't have enough electricity to power them, because the solar panels and wind turbines we installed to stop the planet getting hot in summer, don't work when it's hot and windless in summer, so we'd need to burn gas, oil and coal instead to power the AC to cool our houses, but we blew up the oil, gas and coal power stations to stop the planet getting hot in summer, but it's still hot in summer.
But it's still ok to install heat pumps in winter, heat pumps which are also air conditioners and use the same amount of electricity or more, but we still won't have enough electricity to power them on cold, dark, windless winter evenings, because solar panels and wind turbines don't work then either, and we blew up the gas, oil and coal fired power stations because they were making the planet too hot in winter as well as summer.
Have I missed anything?
🙄🤡🌍
🚨NEW: The government has announced that, from April 2027, interest on cash in Stocks and Shares ISAs will be taxed at 22%, and under-65s will only be able to put up to £12,000 a year in a cash Isa, down from £20,000
They don't want people to figure out that if they just get off their arse they can fix their own community in 2 weeks. They want you to keep paying them taxes so they can fix your community for you. In 3 years. Maybe. Probably not.