OFWAT has failed - we need a new regulator, GMB Congress agrees
Water boss bonuses must reflect performance, GMB’s Annual Congress in Bournemouth hears
The state of the water industry shows Ofwat has failed and a new regulator is needed, GMB congress agreed today [Sunday].
The union’s annual conference in Bournemouth today also called for water bosses’ bonuses to be capped in line with company performance.
Privatisation of the water industry has seen chronic underinvestment and shocking pollution of the nation’s waterways, congress heard.
Meanwhile, water bosses get paid enormous sums, regardless of how the company has performed – for example Thames Water’s new CEO Chris Weston, being paid £1.3 million despite the company being close to collapse.
GMB’s 10,000 water worker members regularly bear the brunt of public anger over the state of our waters – pollution Ofwat seems to do very little about.
Cliff Roney, Water Worker and GMB Rep, told Congress:
“Labour says it will give Ofwat more powers, we say no, get rid of Ofwat, start again.
“What is needed is a new regulatory body with the right kind of focus, one that doesn’t allow the continuation of greed-driven profiteering but ensures full and proper investment of the industry’s infrastructure, workforce and consumers.
“A body that enforces all water companies to ensure that our water industry is even better than it was before the tragedy of privatisation.”
