Why we need to nationalise water
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- เผยแพร่เมื่อ 1 พ.ค. 2024
- Labour has now recognised it needs to nationalise railways. The case for nationalising water is even stronger.
ABOUT RICHARD MURPHY
Richard Murphy is Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best known book is ‘The Joy of Tax’.
This video was edited by Thomas Murphy.
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Anything supremely critical to our continued existence should not be in private hands.
Quite right. Give us water and take the rest.
@fredfredrickson5436 No, not really...We want rail, mail and energy too! 🙂
it's worse, it's in foreign hands
@@oneoflokis And who will bestow these quaint aspirations when Westminster itself is in private hands?
@@fredfredrickson5436 Shoulda voted Corbyn! 😏
The problem with Thatcherism is that you eventually run out of assets to sell to overseas investors so that they can rip off British consumers.
Yeah. Selling off the family silver. 😏 It was called that, even in her day.
What about the meeting infrastructure and service requirements? How long can they operate operate before they can't pay their overheads?
It's the passing of ownership of critical infrastructure assets to foreign hands that is one of the truly major flaws with the privatisation push. That and the fact that running infrastructure for profit inevitably sacrifices function and redundancy. The under-investment and profit skimming I have seen in both the electricity and water utilities is quite terrible.
It's a shame she didn't manage to sell off the royals too
Thank you. You understand
Countries need to own critical infrastructure, water, power and rail and transport, not rocket science. 😊
This is true and correct. The absolutely criminal dumping of sewage by these companies is completely unacceptable.
There needs to be prison sentences for people who think they can get away with that.
Public ownership. Greater responsibility.
Totally with you, essential services must be provided publicly!
Did it work with the NHS
The NHS was ranked best health system in study of 11 rich countries by an influential thinktank up until August 2021, but has now fallen to 4th in the Commonwealth Fund analysis. Italy, Spain, Portugal, have close copies with their health systems also called national health service. With similarities too in New Zealand and Malta. Patients are protected from high medical costs. The best bit, the NHS is in direct competition to private health care and keeps private health insurance low, so people that want to pay privately can thank the NHS for cheap quotes compared to a fully private system. So yes, it works fine, if people seeking profit extraction would just leave it alone.
@maria8809ttt sorry, but I can't believe that NHS was best till 2021. Here in Germany we are much better of, at as much I could compare with friends living in UK for several years
@@Dr.RiccoMastermind look it up, I read the report in the BMJ. It also one of the largest employers in the world.
@@Dr.RiccoMastermind I only say look it up as the link won't post, no disrespect ment. It was also covered on the Guardian 4th of August 2021. 🙂
Let them go bust and the government can buy the assets pennies in the pound. Shareholders and bondholders should take the hit.
I think we should go further and claw-back all the dividends that have been paid out to shareholders over the years.
Yes, of course, this won't happen for a number of reasons, but I felt like saying it anyway.
Of course! 🙂
The curse and legacy of pirate Thatcher...all natural monopolies should be owned by the public. A no brainer.
It won't let me reply to my reply!! (Edit: It did now, but just before that, I had something much more interesting to report, and TH-cam deleted it! 😡😡😡)
Yes, the nationalisation of water is urgent!
Absolutely agree, can't see labour renationalising though.
Makes them REALLY STUPID, doesn't it??
As a “customer” (or hostage as I like to call it) of Thames Water, I fully agree with this.
I've been watching and listening to you for the last few days and I am in total agreement with everything I have heard.
My water bill has gone up from 31 pounds a month to 46pounds it is unbelievable we have done nothing different
We can not allow water companies to simply walk away from their public responsibility to have provided clean water, and fully treated sewage before discharging it into our rivers and seas. That these company robber barons have paid themselves vast sums of money in wages and bonuses, Billions of pounds have been paid to shareholders down the years, when most of that money ought to have been used to maintain a safe and reliable system, including new reservoirs and functional sewage stations. Thames Water bosses might well be on the brink of walking away with their ill-gotten gains, leaving the general public to pick up the bill.
Brilliant strategy @RichardJMurphy breaking down the big picture into discrete parts and laying them down logically and simply. Bang on the money. Very pragmatic. Thanks
Privatisation happened because the companies said they would modernise and improve the infrastructure; I reckon they should be prosecuted for breach of promise 🤔
Food is a much worse picture, look at how much is owned and controlled from outside UK and the lack of tax paid by the same people. A huge part is American through private equity.
We need to stop private interests in our prisons as well.
And care homes.
You should go deeper into the wider ramifications of a poor water service, briefly touched on referring to tourism.
Maybe you could take up the task, making a video building on these points?
Then they will get it right and the conservatives will sell it for a song. We have been done like this time and time again! People do remember you know.
Ref:IMF Fiscal Monitor October 2018.
Public wealth covers everything that government owns. Such as: cash, gold, stocks, national resources such as: (energy, water etc)
Infrastructure such as:
social housing, hospitals and social care homes, schools, leisure centres, transport, forces land, buildings, equipment. Parks, car parks etc.
Everything government owe, such as:
Debt(currency liabilities) pension liabilities and public corporation debt (bail outs).
Knowing what you own means governments are more transparent and more accountable to citizens, knowing what you own means:
The government can implement better policies and reduce risk.
Our analysis of public wealth provides a clearer picture of government finances illustrating that better asset management can increase revenue.
(The state has no need of profit. The state can always provide required investment, upgrade and running costs.)
Illustrating that better asset management can increase state revenue. By as much as is typically collected in corporation tax.
We need to have a targeted, timeframe specific wealth amnesty; or a wealth tithe...
Spot on.
United Utilities (£750M profit) deducted food and survival warmth direct from older English workers' Universal Credit after they were in ICU sacked for pneumonia
The tube is publically owned and apart from being understaffed, overcrowded, overpriced and haemorrhaging money, it's a superb business model.
The part you missed out was 'underfunded' - the central gov funding has been eradicated and now they have to get emergency measures. This is the MO - no different to NHS and other remaining services: starve it of funds until "sorry guys we've no option but to privatise it".
@@abody499❤
Councils are publicly owned and apart from being underfunded, understaffed, overcrowded, overpriced and haemorrhaging money, it's a superb municipal model. Bottom line is Neoliberals don't like funding local govt and they have no idea how a monetary system or a modern economy functions. Excellent description of Neoliberalism, BTW. This is how and why we live in expensive, high tax sh!tholes
Some things are natural state monopolies.
I would have thought that the authorities would consider the national security aspect of having privatised water.
It seems to me that they have not.
💯
I said that at the exact time the Witch announced our water was to be sold off.😡
@@frankieelen7238
1989 Privatisation of England's Water Industry.....
1994 Scottish Water Referendum🙂
I keep trying to get the point across that we are run by people who are not patriots of our country. They are against the interests of everyone who lives here - except their own.
Richard, Welsh Water is not nationalised. It is a not for profit company that funded its own purchase via bonds. True it does not pay dividends but there is still a degree of directors largesse and a compunction to outsource. In places such as Wrexham it overlaps with a private company as responsibility for sewerage is with Welsh Water and the supply of water with a subsidiary of Severn Trent (Hafren Dyfrdwy) although the water originates from Welsh Water resevoirs... Severn Trent bought out a small company Dee Valley in 2016, even though the employees valiantly tried to obstruct it, but it did cost Severn Trent millions more and Liv Garfield (CEO ST) reportedly was more than slightly upset.
Why should a company that has run up a debt matched by the size of the dividends they have paid be bailed out by the public purse because the INVESTORS don’t want to pay their obligations? They should be allowed to go bankrupt and the business picked up by the government for pennies. NOT nationalised !!!
You don't need to nationalise the water industry, what you do is make the water regulator reduce the cost of water by 25% a year, within 2 years the water companies would go bust and you can take them over for free.
And the Public sector does such a fantastic, world beating job on the NHS,the DWP, the Home office, The building of houses, the schools, the railways, the roads and bridges, the BBC......that you also want them in charge of Water??????
What planet are you living on?
Publicly Owned Scottish Water is ranked the Best Water Company in the UK and The Best Utility Company in the UK for Customer Service by The UK Institute of Customer Service’s Customer Satisfaction Index.
In 2023-24, the average charge in Scotland was 10% Lower than in England & Wales.
What is the cause of those issues?
Mis-management and underfunding on ideological grounds. At that level, different choices can be made. Remember, govs dont exist without the people that run them.
@@abody499 Underfunding? you must be living on another planet. The UK has 5.5 million adults in the public sector. It spends more on the NHS than France or Germany. It runs a govt deficit 45pc bigger than Germany, which is a bigger country. UK government debt is already bigger than the GDP of the country.
Underfunded?
Last years Public Revenue from Scottish Water £1,836 Billion
Investment £886 Million
Employee Wages £186 Million
left over £764 Million...
Scottish Government 2024 Budget
£466 Million Scottish Baby Box & Scottish Child Payment
£177 Million Scottish National Investment Bank Capitalisation
£65 Million Support for Agriculture Less Favoured Area Scheme
£45 Million Support for Woodland Creation
= £753 Million
uk (9.2%) spends a lower % of its gdp on health than germany (11.3%) and france (11.5%).
but looking beneath the surface, we can furthermore see that, for one example, the uk's 2020 increase in health related expenditure included hundreds of millions of contracts awarded to friends of ministers for equipment that was unusable.
i live in the real world.
Water services are such a success story 😂
Well, from 1858 til about 1990 they were
@@stephfoxwell4620 I should have added "privatised"
Profit