'It's the corporate greed playbook': Tom Swarbrick accuses debt-ridden Thames Water of exhibiting 'disaster capitalism'

28 June 2023, 19:10

Tom brands Thames Water: 'The people of nowhere'

By Grace Parsons

Tom Swarbrick rebuked Thames Water for perpetuating "disaster capitalism" and argues their "corporate greed" is leaving taxpayers high and dry.

After revelations that Thames Water is facing collapse, Tom Swarbrick admonished the water company for leaving taxpayers to "sweep up the mess".

The firm is understood to be floundering in a debt of around £14 billion.

Tom called out the water service company: "This is as clear a sign as you're going to get of an admission that the companies you paid to do the job, didn't do the job, took the money and are now asking for more cash to finish the job that you thought you'd already paid for.

"That is the corporate greed playbook, pile on the debt, to pay the execs and pay the dividends - investment in actually doing the job goes down, the company goes bust, shareholders and execs aren't on the hook for that money and leave scot free and the taxpayers are left to sweep up the mess.

James O'Brien reacts to Thames Water debt

READ MORE: Government draws up contingency plans for the collapse of Thames Water as company struggles under £14bn debt

Tom continued to say: "That is what's happening here, isn't it? This is what is meant by disaster capitalism. This is what is meant by corporate greed.

"This is the description of the people of nowhere, not interested in providing a public service, merely servicing themselves with no figs given about the public and a regulator who is akin to asking the Year Seven kids to go and tell the bigger boys what to do - so out of their depths that they can taste the sewage floating past them."

Tom went on to reveal that the outgoing CEO of Thames Water got a £3.1 million "golden hello" to the company.

READ MORE: Thames Water boss steps down after giving up bonus over company's environmental performance

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