Water company profits in England and Wales have been exposed, revealing an 82% increase since last year while they continue to release hundreds of thousands of raw sewage discharges into the rivers.
Record Water Company Profits
It’s been revealed that water company profits in England and Wales have record record heights since 2019 when the Conservatives won the last general election. A report from Companies House records has shown that £1.7 billion in profits were made last year alone as prices for UK households in both water and energy have soared.
Due to the high prices for UK households, the Liberal Democrats can reveal that water companies have marked an 82% increase in profits since two years ago.
The report showed that since the Conservatives won the last general election in 2019, water companies gained profits of £4.2 billion, a new record.
Lib Dem Leader Slams Profits
Liberal Democrats leader, Ed Davey, argued that the profits are scandalous and accused the companies of benefiting while the UK’s natural water resources are getting filled with sewage.
Davey said that the “eye-watering profits are a national scandal” suggesting that the companies should be putting the country’s environment before money.
Yorkshire Water recorded a profit of £723 million, its highest in the last two years and the highest profit margin out of all water companies in England and Wales. Yorkshire Water has contested the profit figures, asserting that they do not accurately reflect its performance, claiming to have made a loss in the last year rather than a profit.
Yorkshire Water said in a statement that the report’s findings were “not an accurate reflection” of the company’s financial statements.
Water Companies Allow Raw Sewage Dumping
After it was revealed that water companies had given the green light for over 384,000 raw sewage discharges last year in the UK, the Lib Dems are calling for higher sewage tax.
The Liberal Democrats are expected to unveil plans for a 16% sewage tax for water companies, which would then go into cleaning up the UK’s rivers and lakes.
Liberal Democrats leader, Ed Davey, argued that “our rivers, lakes and coastlines” are getting “destroyed by raw sewage” while the firms make record profits and the environment suffers. Talking about the record profits, Davey accused the companies of “laughing all the way to the bank,” slamming them for forgetting their morals, “Frankly, the whole thing stinks,” he said.
Davey blamed the Conservative government for allowing water companies to profit so highly while damaging the environment, calling for a change in the next election. Davey insisted that “This is concrete proof that under the Conservatives, water firms have prospered and got away with environmental vandalism.”
Political Strategy
The Liberal Democrats have prioritized addressing sewage issues in their bid to win over traditionally Conservative-held seats in southern England, as they look to “clean up” after the Tories.
As part of their campaign, the Lib Dems are advocating for compensation for swimmers who have fallen ill after unknowingly swimming in toxic waters. Davey promised that “This bold plan will increase public awareness of environmental tragedies, and help hold powerful companies to account.”
Energy Companies Profits Soar
Energy companies in general have recorded record profits in the last few years, with British Gas recording profits of £751 million last year, ten times more than the £72 million announced the year before.
Although profits are essential for the development of the country’s infrastructure, the UK is seeing little progress in development while the environment and the people’s paydays are baring the brunt.
The post – first appeared on Pulse365.
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