Wide screen devices may view this page better by clicking here

Arguments for socialism :: Nationalisation

spotCampaigns

spotOrganisations

triangleArguments for socialism

spotPeople

spotInternational

spotEvents

spotAround the UK


All keywords


All Arguments for socialism subcategories:

* Arguments for socialism

Capitalism

Globalisation Anticapitalism

Marxism


Nationalisation


Highlight keywords  |Print this articlePrint this article
From: The Socialist issue 1041, 8 May 2019: Strikes can get results

Search site for keywords: Water - Nationalisation - Labour - Public ownership - Jeremy Corbyn

Water bosses plan to undermine nationalisation: no compensation for fat cats!

Water bosses are trying to erect barriers to nationalisation

Water bosses are trying to erect barriers to nationalisation   (Click to enlarge)

Neil Adams, Reading Socialist Party

I was recently astounded to learn from the GMB union's 'Take Back the Tap' campaign for renationalisation just how much of a rip-off water privatisation has been.

It references a study by the National Audit Office which found that water bills had risen by 40% above inflation since Thatcher privatised the water industry in 1991.

According to the GMB campaign, a staggering 2.4 billion litres of water were wasted through leakage by the nine privately owned water and sewerage companies daily from 2016 to 2017. In other words, over 900 Olympic-sized swimming pools every single day!

At the same time, water companies are building up huge debts to finance shareholder dividends. A recent report from the University of Greenwich found that 47 billion debt has accrued due to 50 billion in shareholder pay-outs.

Therefore the debts accrued to meet the shareholder dividends are being paid directly by the consumer, while no real investment is made in the ageing infrastructure!

In his 2017 manifesto, Jeremy Corbyn put forward the highly popular policy of extending public ownership in utilities, including water.

He proposes doing this by establishing small municipal utilities to compete with the giant multinationals, and buying the shares of some existing companies, or issuing government bonds in exchange for them.

This is not full nationalisation, and would not give a left government proper control of utilities. Even so, the capitalists are frightful at any prospect of losing such a lucrative cash cow.

So, in anticipation of a Corbyn government, Thames Water has already taken action to erect legal and financial barriers.

Bosses have added a clause to outstanding bonds ensuring lenders are paid back immediately should the company be nationalised.

Labour estimates water nationalisation would cost 20 billion - half the market value of the firms. The Social Market Foundation, a right-wing think-tank, put the cost at 90 billion - double the market value!

Clearly the water bosses will not accept a dent in their profits. They will expect full support from the Blairites in the Labour Party, along with other capitalist representatives, in trying to stop the 2017 manifesto becoming a reality.

However, if pressure from workers' struggle means it does, the bosses will look for compensation for what amounts to their gross failure in charge of our water industry.

It is urgent that the water sector and all utilities are fully nationalised, under democratic workers' control and management.

However, this should be done with compensation paid only on the basis of proven need. We should not be compensating the extremely wealthy for profiting from our water misery.

At the same time, it will be essential for the working class to fight for the immediate implementation of wider socialist policies, including nationalisation of the banks, large building firms, and top corporations which control our economy.

Only this can allow funding and coordination of production, infrastructure and public services to truly meet all our needs.

Donate to the Socialist Party

Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.

We therefore urgently appeal to all our viewers to click here to donate to our Fighting Fund.

Please donate here.

All payments are made through a secure server.

My donation

 

Your message: 

 






Arguments for socialism keywords:

Banking crisis (15)

Banks (291)

Clause 4 (1)

Clause four (6)

Consciousness (11)

Democracy (190)

Minimum wage (312)

Nationalisation (206)

New workers parrty (6)

Northern Rock (34)

Party funding (1)

Photographs (4)

Planning (86)

Podcasts (5)

Socialism 2007 (17)

Socialism 2008 (13)

Solidarity Scotland (1)

Solidarity (388)

The Socialist (1183)

Them & Us (25)

Trade union organisation (7)

Vaccine (14)

What we saw (38)

Workers (1909)

Workers press (1)

Working class (852)

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Article dated 8 May 2019

Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party

MEMBER RESOURCES

Pay in Fighting Fund

Pay in paper and book sales

Leaflets

Bulk book orders

New member submission

WHAT'S ON

triangle13 Jun Unison & PCS conferences Socialist Party fringe meeting

triangle15 Jun Bristol North Socialist Party: Education under capitalism

triangle15 Jun Caerphilly & RCT Socialist Party: The socialist approach to the environment

More...


The Socialist, weekly newspaper of the Socialist Party

News

What we think

NHS

Workplace news

Lessons from history

Campaigns news

Israel/Palestine

Readers' opinion

Subscribespacer|spacerebook / Kindlespacer|spacerPDF versionspacer|spacerText / Printspacer|spacer1137 onlinespacer|spacerBack issuesspacer|spacer Audio files


Cladding safety: Protests demand developers and government pay

Cladding safety: Protests took place around the country on 5 June highlighting the cladding crisis

What We Stand For
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Platform setting: =

Desktop version