Sarah Heald, Pennon’s Director of Corporate Affairs & Investor Relations:
“This is another authoritative report on the cost of nationalisation, this time from a respected economics consultancy, Nera. It highlights that either the taxpayer will have to pay around £182 billion – more than we spend each year on education, defence and transport combined – or each household in the country could take an average hit of £510 if industries are nationalised at their regulated capital value.”
“It follows separate reports earlier this year from two respected policy think tanks - the Centre for Policy Studies and the Social Market Foundation - which respectively highlighted that the cost of water nationalisation could be £86-90 billion.”
“South West Water is part of a British company, Pennon Group Plc, which is c.70% owned by UK pensions, savings, charities and employees. Two-thirds of South West Water employees are shareholders in our business, c.45% of individual shareholders in Pennon are based in the West Country”
“For our part, whatever peoples’ political views, we’re continuing our relentless focus on delivering what our customers in the South West have said matters most to them, at a price they can afford and are willing to pay.”
“We are continuing to deliver a vital public service for the good of all the communities we serve. Since 1990 we’ve spent £7 billion transforming services and the environment in the South West, redressing decades of neglect and underinvestment. We plan to invest up to £9 billion more to 2050. At the same time, we have kept bills low for customers, with the average SWW household bill for 2018/19 lower than it was nine years ago.”
Nera Economics Report available here
Further information about the achievements of the water industry since 1989, is available at: www.Working4Water.org.uk
For other reports on nationalisation see:
http://www.smf.co.uk/publications/water-nationalisation http://www.cps.org.uk/publications/the-cost-of-nationalisation