Last week I read with great interest the profits Severn Trent Water have posted for the last financial year – a staggering £518 million.
Severn Trent made this profit on a turnover of £1.54 billion, up 2.2 per cent on 2012-13. The firm’s activities are controlled by the regulatory body Ofwat, which monitors both price increases and the amount of money Severn Trent has to spend on infrastructure like sewage & drainage systems.
This got me thinking- why is a basic human necessity like water a privatised commodity? Why are customers ripped off year after year with price hikes? Why don’t Severn Trent invest in flood defence mechanisms and upgrade the Victorian sewerage systems in Hucknall? Is this a lot to ask of a company making £518 million profit per year?