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You missed the bit where 50% of the amount of money spent on infrastructure upgrades and maintenance went into the pockets of shareholders as pure profit, most of whom are foreign companies or individuals? And you mention reducing wastefulness?

Disaster capitalism at it's finest. Macquarie Group (nickname: Vampire Kangeroo) bought a controlling share in Southern Water as they did Thames Water. At Thames Water they saddled debt, paid little tax, sucked out the profits, before selling it on. Of course they already part own treatment...