Thames Water appeal: Government must put company into special administration, claims Epsom & Ewell MP

Helen Maguire, Liberal Democrat MP for Epsom & Ewell has slammed the news that Charlie Maynard MP’s appeal to prevent Thames Water from an additional £3 billion bail out, has been rejected by the Court of Appeal.

The debt-laden water company secured the initial £3 billion rescue loan in February, to stave off the prospect of special administration - something the Liberal Democrats have long campaigned for.

Helen Maguire MP’s Liberal Democrat colleague, Charlie Maynard, argued that extra lending was not in the public interest.

This extra funding allows the UK's largest water company to continue operating for at least another 12 months giving it time to restructure its nearly £20 billion in debt and attract new investment.

Almost 1/3 (28%) of Thames Water customers’ bills in Epsom & Ewell are being spent on servicing their mountain of debt, while bill-payers are being asked to pay 31% more this year alone.

Helen Maguire argues the money would be better spent investing in water infrastructure and stopping sewage from being pumped into the River Mole and the Hogsmill.

Helen Maguire, Liberal Democrat MP for Epsom & Ewell said:

“The decision to allow Thames Water the additional £3 billion bail out is terrible news for my constituents in Epsom & Ewell, who have been paying the price for a company that is not fit for purpose.

“Thames Water is spending almost a third of my constituents’ bills on servicing their mountain of debt, instead of investing in vital infrastructure and stopping gallons of sewage from being pumped into our rivers.

“It is in the Government’s power to end this now. Thames Water must be put into special administration and we cannot allow failing water bosses to keep throwing good money after bad, while our regulators sit on their hands and customers’ bills go through the roof.”