Turn failing water firms into not-for-profit cooperatives, MPs and mayors tell PM
Labour MPs and regional mayors have urged the prime minister to consider converting failing water companies into not‑for‑profit cooperatives as a way to increase public control without adding debt to the national balance sheet. The proposal, backed by a Good Growth Foundation report, suggests testing the model on Thames Water, which is close to financial collapse, and introducing a bail‑in mechanism similar to that used for banks. The government is currently reviewing options, with no immediate nationalisation planned, while creditors prepare for possible legal action if a rescue deal falls through.
- ▪Labour politicians and several mayors propose a mutualised model that would turn water firms into not‑for‑profit cooperatives run by local communities.
- ▪The plan would first be applied to Thames Water, which faces potential special administration and a rescue deal with creditors.
- ▪A bail‑in mechanism is recommended so shareholders and creditors bear the cost of failure rather than taxpayers.
- ▪The Good Growth Foundation report calls for tighter regulation, a ban on dividends unless performance targets are met, and stricter executive pay limits.
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| Canonical URL | https://www.theguardian.com/business/2026/aug/01/turn-failing-water-firms-into-not-for-profit-cooperatives-mps-and-mayors-tell-pm |
| Publication time | Sat, 01 Aug 2026 06:00:45 GMT |
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A union flag floats downstream from a polluted tributary of the River Deben, near a storm overflow at Wickham Market, Suffolk. Photograph: Dylan Martinez/ReutersView image in fullscreenA union flag floats downstream from a polluted tributary of the River Deben, near a storm overflow at Wickham Market, Suffolk. Photograph: Dylan Martinez/ReutersWater industryTurn failing water firms into not-for-profit cooperatives, MPs and mayors tell PMLabour politicians say mutualised model puts public in control without adding debt to government’s balance sheetHelena HortonSat 1 Aug 2026 02.00 EDTLast modified on Sat 1 Aug 2026 02.03 EDTSharePrefer the Guardian on GoogleMPs and mayors close to Andy Burnham have told the prime minister there is a “third way” tlauo gain more control of failing companies,…
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