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THAMES TIDEWAY TUNNEL

EDM (Early Day Motion) 1078A1: tabled on 14 February 2013

Tabled in the 2012-13 session.

This motion has been signed by 5 Members. It is an amendment to an existing motion.

As this motion is using historical data, we may not have the record of the original ordering, in which case signatories are listed alphabetically.

This is an amendment to an existing motion

This motion was originally tabled by Simon Hughes on 13 February 2013. This is amendment number 1.

View details of the original motion

Suggested amendment

leave out from `management;' to end and add `and therefore further believes that Thames Water should be returned to public ownership.'.

Original motion text

That this House notes the proposed increase of £80 in Thames Water bills indefinitely to fund the Thames Tideway Tunnel, which means a rise of 24 per cent in the current average water bill for Thames Water customers; further notes that the Government is considering underwriting the scheme, which will leave taxpayers liable for the risks of the tunnel construction; is concerned that Thames Water does not have the financial strength to finance the construction of the Thames Tideway Tunnel with its own resources; further notes that over the last five years Thames Water has paid dividends of £1.18 billion to its owners and that in the last two years dividends have exceeded profit, causing Thames Water to borrow money in order to pay out dividends; further notes that since being bought by the Macquarie Infrastructure Fund long-term debt in Thames Water has increased by £4 billion which has been used primarily to pay off debts owed by the holding companies rather than invest in the water and sewerage network; further notes that this increased borrowing has lowered Thames Water's tax liability so that the company has not paid corporation tax in two years; further notes that the Macquarie Infrastructure Fund which controls Thames Water is based in an offshore tax haven; believes that the taxpayer and Thames Water's 13 million customers should not pay for Thames Water's irresponsible financial management; and calls on the Government and Ofwat to require a substantial contribution from Thames Water's shareholders towards all measures to clean up the Thames.

There are no withdrawn signatures for this amendment.