"Game Over": £1mn Thames Water signing bonus slammed by Luke Taylor MP.

Luke Taylor, Liberal Democrat MP for Sutton and Cheam, has called on the Government to put Thames Water into special administration after reports that the company paid its finance chief a £1 million signing-on fee.

The payment was made despite Thames Water’s financial crisis, rising customer bills and continuing failures to protect rivers and waterways.

Commenting, Luke Taylor MP said:

“This is a staggering insult to Thames Water customers.

“Families are being asked to pay ever-higher bills for a service that has too often let them down, while the company remains mired in debt and our waterways continue to suffer. Yet somehow, there is still money for seven-figure payouts at the top.

“Thames Water is no longer fit for purpose. This is precisely why Ministers must stop standing by and put the company into special administration.

“That would keep essential water services running, while taking control out of the hands of the failing board and ending this disastrous cycle of debt, pollution and executive rewards.

“The Liberal Democrats want Thames Water restructured as a public benefit company, working for customers and the environment rather than putting shareholder profit first.

“People should not be forced to bail out a broken company while those responsible continue to walk away with vast sums. The Government must finally act.”