Football fans in Ireland rejoice as England’s World Cup hopes end.
We look forward to seeing you all next month, lads as you, erm, return to supporting English football teams. 👋
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?
Hot take: I don't think you should be able to reserve a table in a pub, and certainly not for a big game. Do your doggies and respect the tradition - get there early or defer to the proper pub types and stand near the bogs, as befitting your fair weather pub status
واحدة من انفخ البطولات في تاريخ اي لعيب
لا كان هداف البطولة و لا الاسيستر بتاعها ولا افضل لاعب في البطولة او حتي من افضل 5 فيها
ولا حتي كان افضل لاعب في منتخبه و مقدمش غير ماتشين حلوين من 7 ماتشات وكانوا ضد ويلز و المجر 😂
كل الكلام عن انها بطولة جيدة من شبيحته عبارة عن تدليس
EVERY midfield Bruno is in is either unbalanced or just doesn’t work at all.
They even gave him a back to back UCL winning pivot and he STILL managed to make it look disjointed. This is the player he is, he makes everything around him
Mediocre for his own gain. SELL SELL SELL.
Just imagine you are a portuguese person being told this is your golden generation and you get knocked out in the RO16 of the World Cup and your captain goes to a post match interview and says "I won the EUROs which is basically the same value" . My head would be on Mars.
You know what’s funny? If FIFA didn’t reduce Ronaldo’s suspension, Portugal probably beats DR Congo and ends up facing Switzerland instead of Spain. Instead, that one shady decision completely changed their path and now it feels like karma for the corruption. Football always finds a way.