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Dear Mayor Sadiq Khan,

London’s water system is facing a profound crisis. Thames Water, the largest water company in the UK, is on the brink – saddled with billions in debt, under public outcry over pollution and chronic underinvestment, and now, reportedly at risk of being sold to global private equity firm KKR.

This is a defining moment. Who owns Thames Water will impact millions of people’s bills, our environment, and our ability to prepare for the tremendous strain our water system is set to face as the result of climate change. And yet, decisions are being made behind closed doors.

We welcome the news of your roundtable on March 13th and the work on the Clean and Healthy Waterways Plan to deliver major new improvements to London’s rivers and waterways.

We are, however, concerned by the fact that this roundtable was convened with executives from Thames Water and Ofwat, but without the Chair of the GLA’s Environment Committee, trade unions, local councillors, or the many activists representing consumer or environmental interests on this issue. We are in this mess because there is a lack of democracy and transparency built into the system. If we want real change, it is crucial the people whom water is supposed to serve, the public, get to steer us out of this crisis – not the very people who caused it.

The production of your Clean and Healthy Waterways Plan comes at incredibly uncertain times for Thames Water.

After the company was financially run into the ground by its owners, its creditors took charge; pushing through a crippling interest rate of 9.75% on a £3 billion cash bailout at the High Court. We now hear this cash bailout is being used to pay bonuses to bosses – not invested in our failing infrastructure. The bailout is the first step, the second is a transfer to new owners. The current lead and runner up bidders to be the new owners are KKR and CK Infrastructure. These companies have a proven, international track record of egregious behaviour.

Where KKR have taken over water companies previously, they have completely reneged on environmental and economic promises to governments and customers, sold off crucial infrastructure, raised prices on customers to service debt. Whoever they are, the new owners of Thames Water have a massive role to play in the long-term cleanliness and health of our waterways. Surely KKR’s practices have no place in your plan for clean, affordable safe water for the millions that rely on Thames Water.

We are calling on you, as Mayor of London, to do everything within your power to stop Thames Water from being sold to KKR or any other similar private equity firm without full public scrutiny and democratic involvement. Londoners deserve more than another opaque corporate takeover. We deserve a say in how our essential services are run.

We urge you to:

• Act quickly and vocally to oppose any sale of Thames Water to KKR or similar private interests, whose business model prioritises short-term shareholder returns over long-term infrastructure investment and environmental responsibility.
• Convene a citywide coalition to scrutinise any proposed bidders, and to push for a transparent, democratic process if a change in ownership is pursued. This coalition should include the Members of the London Assembly and councillors from London and the wider Thames Region that hold relevant portfolios, Trade Unions and workers, citizens’ groups, and environmental organisations.
• Write to Steve Reed as Minister for Environment, Food, and Rural Affairs, and Rachel Reeves, Chancellor of the Exchequer to use their existing powers the Government has to change the governance model of the water companies to build accountability and transparency back into our water system. We ask them to legislate that English water companies should follow the example of Berlin, Paris, and Stockholm to ensure the governing boards are elected by workers and consumers, and have representation from the councils and devolved assemblies across the region.

This is more than a financial matter. It’s a question of democratic control over a life-sustaining resource. We urge you to stand up for London, and for the principle that our water should work for us, not for investors looking to profit from its scarcity.

Yours sincerely,

Signatories:
Compass For a Good Society
We Own It
National Pensioners Convention
Friend of the Thames – representing the river herself, and the communities from source to sea.
GMB Union
Cllr Martin Abrams (Streatham St. Leonards)
Zack Polanski (Green Party Deputy Leader and London Assembly member)
Cllr Ian Middleton (Oxfordshire County Councillor for Kidlington East Division and Leader of the County Green Group)
Cllr Chloe Turner (Green Party District & County Cllr for Minchinhampton​)