Public ownership of Thames Water

That this House condemns the failed experiment of water privatisation, which has led to soaring bills, decades of poor service and the pollution of waterways; recognises the Government's objection to a £10 billion rescue proposal for Thames Water and its belief this would place an undue burden on consumers; notes that this proposed private sector rescue deal would lead to Thames Water being part controlled by Elliott Investment Management, led by Paul Singer, a billionaire donor to Donald Trump; further notes that Thames Water’s successive owners have saddled the company and customers with £17.6 billion of debt since it was privatised in 1989, whilst paying themselves billions in dividends and bonuses; objects to rising household water bills across the country and the 44% real increase in water bills in England and Wales since 1991; further recognises that water is publicly owned in 90% of the world and 82% of the British public want to see water companies nationalised; calls for Thames Water to be placed in special administration and for its assets and functions to be transferred permanently to a publicly-owned company; rejects the Government's contested assertion that nationalisation of the water industry would cost £100 billion, and believes investment needed, dividends paid, and debts incurred should be taken into account when determining a fair price; and further calls for all failing water companies in England to be brought into public ownership so that the water network can be managed for the benefit of citizens not shareholders.