00:00Hello, yes, Thames Waters lenders have put forward a rescue plan to stop the company which provides water and sewage services to millions of Londoners here in the capital from collapsing.
00:17The proposals would see around a third of the company's £20 billion debt written off, with £5.4 billion invested up front to stabilise its finances.
00:31The consortium behind the plan said it would restore the company without taxpayer funding and prevent the need for temporary nationalisation as well.
00:43Now, Thames Water, which employs about 8,000 staff, has faced heavy criticism in recent years over sewage spills, leaks and poor customer service as well.
00:56Earlier this year, it was fined more than £120 million for environmental breaches as well.
01:04Now, the consortium argued that current regulatory targets are unrealistic and said the new investment must be based on achievable goals in order to deliver improvements for customers in the capital.
01:21Consumer groups have warned that Thames should not be given easier targets at a time when London households are paying higher bills and are still experiencing poor customer service as well.
01:35They highlighted that complaints remain high and that public trust in the company is particularly low, with bills increasing as well.
01:45The plan includes a freeze on dividends during the turnaround, a commitment not to sell the business as well.
01:53Now, with bills on the increase, what do Londoners think of rising water bills and Thames Water?
01:59Obviously, as a society, same as energy bills, I don't feel like we can do much.
02:06That sounds really worrying because bills are already really high, not just water bills, but all the other bills too.
02:12So, any increase is a concern, especially as water companies generally have not had a good reputation for properly investing.
02:21So, I would be really concerned that my bills are going up, but that might be benefiting shareholders more than Londoners.
02:30I also think that they should just be showing us, whether that's through the news or through their social media platforms,
02:36them trying to do more active things to essentially show that they're using more sustainable ways to, obviously, filter their water.
02:47I'm disabled and I've got arthritis, so I need quite a lot of baths and things to help me.
02:54So, I think it would be quite difficult for me, personally.
02:58Bye!
Comments