ONCE it was said that selling-off Britain’s public utilities would give private companies a licence to print money. Now it seems this is no longer the case. It is claimed that 11 firms – including Anglian Water, Thames Water, Electricity North West and Northern Ireland Electricity – have collective debts amounting to a staggering £28 billion. Consequently, customers are advised to pray that an emergency never strikes, as the consequences might be serious disruption and huge bills. Ofwat and Ofgem, water and power regulators respectively, insist customers would be protected if a company were to be engulfed by financial problems. Presumably, this means it could expect to be the beneficiary of a bailout by taxpayers, in the style of Northern Rock. What a shame there is no chance of the Government being wise before the event, returning the former public utilities to public ownership and keeping them there.
