And the rejoinder to that is: "you guys had your chance, and you got smashed. Hammered. Record defeat. Which bit of that are you struggling to understand, Mr Corbyn, Mr McDonnell?".
Profits.
Water companies are taking billions and billions in profits and shareholder dividends. This is money which should be used for the general good, rather than the enrichement of shareholders. It should be entirely, 100%, ploughed back into infrastructure and maintenance.
I agree that there industries that IMO should never have been privatised in the first place. From my perspective they include the water, gas, electricity and rail industries.
The difficulty I have is with re-nationalising them. Where is the money going to come from ? How will the existing shareholders (many of whom are regular folks with pension plans) be compensated ? How can we ensure that the necessary investment continues (having been involved the electricity, water and rail industries post-privatisation I'm painfully aware of the lack of investment when in public hands) ?
Someone I know who was in the area of government IT contracts for a company that'll be unnamed likened the whole thing to dodgy builders putting one over an OAP.
In most cases yes. The key point is that they have not been captured by the industries they are regulating.
One areas that is problematic is the intention that regulation could be made redundant by competition between suppliers. This works well when you have frequent purchases, or a clear renewal point (car insurance). It has worked less well for electricity, gas etc.
You want to nationalise mobile phones?
OK - examples of obscene profits please.
I'm on the board of a housing association which took over housing from a council. Key things that the board is always concerned about are "is this being done for the benefits of the tenants, or the befit of the management", and the budget being set at a very comfortable level, so difficult decisions do not have to be made. Both seem typical of public sector organisations.
Similarly there were concerns that the electricity industry was run by and for the engineers.
As long as they are doing a decent job, does it matter who owns them?
In which case he demonstrates how unfit he is to be Prime Minister
The problem is, Labour are heading for a split. My bet, the Centrists will form the SDP with the LDs and the Momentum faction will become labour.
She genuinely makes me nervous in a way Cameron never did. He was a posh twat but he lacked any real nasty streak. May is nasty.
IMO it's Cameron who was the outlier - at least in my adult lifetime. Cameron was an attempt to wrest back the centre-ground after a series of significantly more right wing leaders:
- Thatcher
- Major
- Hague
- IDS
- Howard
- Cameron
Of that lot, IMO only Major is less right-wing than May.
Cameron and Major were the obvious ones. I The others less clear but I'd put her in the mix with Thatcher with some of her statements positions worse. It would be interesting to do a comparison in detail but my sense is May feels less extreme to some because the centre has shifted rather than because her policies are softer than Thatcher's.
I can see her leading us back to capital punishment for example.
It's also pretty obvious that she will stand shoulder to shoulder with Trump no matter his excesses and I'd put him worse than Reagan or Bush.
Compared to Hague, Thatcher and especially IDS and Howard she's almost left-wing.........
Whilst I completely agree with this assessment, I would just point out that Hague (as did Portillo before him) moved from the right wing of the party gradually over to the left wing as they matured (in Portillo's case, after he was ousted from Parliament).
Whilst I completely agree with this assessment, I would just point out that Hague (as did Portillo before him) moved from the right wing of the party gradually over to the left wing as they matured (in Portillo's case, after he was ousted from Parliament).
Good point.
Going to disagree - they moved to the more liberal wing of the conservative party. They were still on the right of politics.......
Compared to Hague, Thatcher and especially IDS and Howard she's almost left-wing. Some Conservative economic policies like the energy price cap have come right out of the Blairite playbook, on many social issues, for example her stance on gay rights, she's more liberal than her predecessors. Thatcher, IDS and Howard were more hostile to welfare recipients and the NHS than May has been.
I've erroneously claimed that in the past. In fact her pronouncements on the matter have been resolutely anti. In 2012 she said that the death penalty would not have prevented police officer deaths.
Name a Prime Minister, especially a Conservative one, who wouldn't stand shoulder to shoulder with the US president. We cannot blame May for Trump.
You know, those regulatory bodies you think are doing such a good job.
Ofgem’s duties and objectives
324. Our view is that Ofgem’s statutory objectives and duties may, in certain circumstances, constrain its ability to promote effective competition. In particular, Ofgem told us that it considered that its duty to pursue its principal objective by ‘wherever appropriate promoting effective competition’ had been progressively downrated relative to other duties over the last ten years.
325. Our remedy is a recommendation to DECC to amend primary legislation in order to clarify Ofgem’s statutory objectives and duties and thereby remove any constraint (actual or perceived) on Ofgem’s ability to pursue its principal objective (protecting the interests of existing and future customers) by promoting effective competition where it considers this appropriate.
Relationship between DECC and Ofgem
326. We have decided on two remedies that are designed to recalibrate the relationship between DECC and Ofgem in a way that recognises Ofgem’s independence while allowing for appropriate coordination of activities to deliver overarching policy goals:
(a) First, we are recommending legislation to establish a clear process requiring Ofgem to publish opinions on all draft legislation and policy proposals that are relevant to its statutory objectives and that are likely to have a material impact on the GB energy markets.
(b) Second, we are recommending to DECC and Ofgem that they publish detailed joint statements setting out action plans for the implementation of proposed DECC policy objectives that are likely to necessitate Ofgem interventions, with clear responsibilities and timetables.
Now the networks they use, that's a possibility.
Middle one is behind a pay wall, sorry - headline is 'Water watchdog taken to task over sector's excessive profits'.
At each price review, Ofwat uses regulatory data and assumptions to set a revenue allowance for water companies’ costs for five years at a time. Ofwat’s approach allows companies to make gains if costs turn out to be lower than it has assumed when setting price limits. However, companies bear the risk of losses if costs turn out to be higher than expected. The approach aims to encourage efficiency by allowing companies to keep benefits from any efficiency savings they make. But some aspects of company costs, including financing and taxation, are outside of their control–which can result in windfall gains for them, or losses.
Ofwat told us that the settlement reached with companies in its 2009 price review now looked generous with hindsight, but that this had not been readily apparent at the time, given the then difficult environment for securing debt.
Refuse to believe that it is simply a hostile media.
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Refuse to believe that it is simply a hostile media.
Sent from my iPhone using Tapatalk