"... the absolute level of water and sewerage bills has been inflated by surging profits and pay at the companies since privatisation. Average water bills have risen by about 40% more than inflation since the utility companies were privatised under Margaret Thatcher’s government in 1989-90.
This year Thames Water, the UK’s biggest water company, reported profits up by a third and said it would be raising prices again. It also revealed that it had paid no corporation tax."
Classic rent extraction business model; worth noting that when the WaCos were formed, they were given all the existing assets, gratis. Then they invested nothing for decades while running the assets into the ground, and we now have a situation where they're obliged (so they say) to service their shareholders with dividends lest they withdraw their investment.