Pull The Plug

Even the Competition and Markets Authority has had it with Ofwat. When the water companies were privatised, then they were debt free, since they were, and would remain, the necessarily monopoly suppliers of an absolutely indispensable commodity of which the raw material fell out of the sky for free. 

There are grey areas, but if something would obviously have to be rescued by the State rather than allowed to go bust, then it belongs in public ownership, just as if something obviously would not, then it does not. Where water therefore belongs is clear to the rest of the world, and even to the rest of the United Kingdom. As, of course, it is in England. Yet we refuse to act accordingly.

There should be no bailout of the water companies. If there must be compensation for this renationalisation (as there must be ordinarily, but there is nothing ordinary about this), then the money should be spent on that. As much as the shares would fetch on the open market, and not a penny more.