Royal Courts of Justice protest against Thames Water

We Own It, a campaign against privatisation joined up with Green New Deal Rising, who campaign for climate justice, in a protest outside the Royal Courts of Justice this morning (December 17).

The protest comes after Thames Water's application to the court for approval of a £3 billion loan, which would see customers paying an extra £250 each year according to research from We Own It.

Catt Hobbs, founder and director of We Own It, told this paper: "Thames Water is asking for permission to borrow an extra £3 billion on top of its existing £16 billion debt and we, as homeowners in the Thames Water region, will end up paying for that extra debt.

"That’s why Thames Water is wanting our bills to go up by 59 per cent so we can pay to get them out of the mess that they got themselves into.

Protestors held up a satirical cheque for £250 to be paid to 'Thames Water Creditors' (Image: Gianni Cirillo) “Since privatisation, Thames Water has handed out £7 billion in dividends at our expense. They have built up a debt mountain at our expense."

A Thames Water spokesperson said it is "completely untrue" to suggest customers will be paying more for the financial restructure.

Some protestors held a huge fake cheque for £250 from "every Thames Water household" to pay to "Thames Water Creditors."

"They want to pile on more debt and us to pay for it. So we’re here to say 'no way, this is unacceptable'," said Catt.

“This is also a company that is allowing raw sewage to pour into our rivers.

“We want the judge to say no to this bail-out in court today."

A final decision on Thames Water's application is set to be made in January.

Protesters gather (Image: Gianni Cirillo) Matt Scott, who works in Barking and lives in Lewisham, attended in support of the protest. He described the proposed loan as an "outrageous" microcosm of a bigger issue.

"It’s not just this issue. I think in many ways, the social infrastructure, the things we depend on, we’re getting gouged for – we’re used like guinea pigs for some sort of financial model that is beyond belief.

“You can’t live without the fundamentals of social infrastructure, and I think the government model is actually impoverishing residents and Londoners."

In response to the protest, a spokesperson from Thames Water said: “Our proposed financial restructuring plan will not change what we are asking for in our draft determination response and the proposed increase in customer bills over the next five years.

"This is an interim funding solution as we work through necessary next steps to stabilise the business further, with a view to delivering an investable and financeable business plan.  

“This liquidity extension provides us with the ability to continue to further invest in our network, upgrade infrastructure and continue to meet our environmental responsibilities, while delivering 2.6bn litres of drinking water and removing 5.1bn litres of waste water every day for our 16 million customers."