UCU calls for Thames Water to be renationalised

UCU has thousands of its members in the Universities Superannuation Scheme (USS), which is the second largest investor in Thames Water.

A UCU spokesperson said: 'Neither our members in USS whose pension contributions are invested in Thames Water nor the public at large will be surprised by today's announcement given the company's disgraceful financial and environmental record. 

'UCU has been engaged with USS for many months seeking more clarity on its investments in Thames Water, the risk posed to scheme members, and whether USS has an Exit Strategy. While we appreciate that there are some legal and regulatory constraints that limit what USS can say publicly, we remain concerned that there is significant financial risk for our members in the scheme continuing to push good money after bad investments.  

'It's clear that the privatisation of water has been a disaster, leading to more debt, disinvestment, and environmental degradation. We call for Thames Water to be immediately renationalised so it can be run in the interests of people and the planet.'