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jaw
When first privatised they a) took on a load of debt and then b) did actually invest.
But that has run out of steam as they’ve run out of debt ceiling/willingness to take on more/ability to service more debt with the current pricing controls.
Also the environment agency has been gutted since Cameron and Osbourne brought us Austerity, so they are now close to powerless to monitor the situation.
The sector needs strong regulation (if not nationalisation) and it has neither.