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Troubled Thames Water proposes 44pc price hike to Ofwat
A tanker pumps out excess sewage from the Lightlands Lane sewage pumping station in Cookham, Berskhire, January 10, 2024

BRITAIN’S largest water supplier is hoping to impose a 44 per cent price increase for its 16 million customers to help fill the financial hole created by years of underinvestment and high dividend payments.

The increase, which would see average bills rise to £627 a year by 2030, is part of Thames Water’s new business plan, which it has submitted to regulator Ofwat.

GMB national officer Gary Carter said: “It’s not for hard-up billpayers to dig Thames out of the financial mess they’ve created.

“The shareholders who trousered millions since privatisation must fork out to give the company a chance to turn things round.

“You can’t expect customers to pay £627 a year to pay for the past failures of Thames Water.

“Previous owners have taken the profits in huge dividends rather than putting in the investment needed.”

The utility giant has had to rethink its original business plan, published in October, in a bid to stave off collapse as it crumbles under the weight of £15 billion of debt.

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