Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Hunt Slams Thames Water’s Bid for Higher Bills Amid Failures

by April 14, 2024
April 14, 2024
Hunt Slams Thames Water’s Bid for Higher Bills Amid Failures

Jeremy Hunt has condemned Thames Water’s plea for increased household bills in the face of potential insolvency as “utterly outrageous.”

Amidst growing concerns over the utility company’s financial woes, the Chancellor emphasized shareholders’ responsibility to rectify the situation rather than burdening consumers.

Addressing constituents at a public meeting in his South West Surrey constituency, Hunt expressed strong opposition to the notion of households bearing the brunt of poor management and financial missteps by Thames Water shareholders. He asserted, “It would be utterly outrageous and totally unfair if we were made to pick up the tab.”

Hunt addressing constituents at a public meeting in his South West Surrey constituency

Hunt’s remarks come amidst mounting pressure on the Government to intervene as Thames Water’s parent company, Kemble, missed an interest payment on a £400 million loan. With the utility giant serving 16 million households across the UK, concerns over potential insolvency have escalated.

David Black, CEO of Ofwat, assured on Friday that customers would not be held accountable for Thames Water’s management failures, although he did not rule out the possibility of increased bills.

Speaking on the sidelines, Hunt reiterated his stance, emphasizing that constituents should not be obligated to bail out shareholders for their poor decisions. He stressed the importance of Thames Water taking responsibility and resolving the crisis internally.

Chris Weston, Thames Water’s CEO, echoed a commitment to salvaging the business amid ongoing discussions with Ofwat regarding the company’s financial outlook.

The water company’s challenges are multifaceted, with soaring interest payments, credit rating downgrades, and hefty fines from the Environment Agency for environmental violations. Thames Water’s liquidity, while substantial at £2.4 billion, faces depletion due to mounting debt finance costs and impending fines.

The recent water outage in the Godalming and Guildford areas following Storm Ciarán prompted further scrutiny, with constituents expressing frustration over the lack of access to water and inadequate compensation for affected parties.

Jane Austin, local councillor for the most affected ward Bramley and Wonersh, told Mr Weston: “We have water anxiety where we live.”

Hunt’s condemnation underscores the urgency for Thames Water to address its financial predicament responsibly, sparing consumers from bearing the burden of its failures.

Read more:
Hunt Slams Thames Water’s Bid for Higher Bills Amid Failures

0
FacebookTwitterGoogle +Pinterest
previous post
Barclays Leads Complaints List for Small Business Account Closures
next post
Are The Financials Sending Us A Major Warning Signal?

You may also like

How Faris Abusharif Is Helping to Evolve the...

November 30, 2022

Royal Mail boss quits after just one year...

June 20, 2025

Pink Floyd sells catalogue to Sony Music for...

October 4, 2024

Inflation eases slightly due to cheaper fuel and...

January 18, 2023

Get Ahead of Current Market Demands by Adopting...

September 4, 2024

Santander cuts UK mortgage lending by more than...

October 25, 2023

What to Look for in a Creator Marketplace...

November 28, 2024

UK bans £2.2bn in hidden fees and fake...

April 7, 2025

Safety check: 5 reasons to focus on duty...

September 22, 2022

Missing older workers ‘weigh on economy’s growth potential’

February 3, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Chief Justice Roberts sounds alarm on dangerous rhetoric aimed at judges from politicians

      June 29, 2025
    • Britain’s fastest-growing firms revealed for 2025: Dfyne, Nala’s Baby and Hawkstone lead the charge

      June 29, 2025
    • Schumer to force Senate reading of Trump’s entire ‘big, beautiful bill’

      June 28, 2025
    • Rubio condemns Iran’s ‘unacceptable’ threats against IAEA director

      June 28, 2025
    • Key blue state Republican says Senate’s local tax write-off offer is a ‘good deal’

      June 28, 2025
    • Key GOP senator defects on crucial vote, imperiling Trump’s ‘big, beautiful bill’ in narrow majority

      June 28, 2025

    Categories

    • Business (8,330)
    • Investing (2,081)
    • Politics (15,852)
    • Stocks (3,177)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved