Prem Sikka
@premnsikka
Emeritus Professor of Accounting. If with all your effort and might you do not reach the mountain top that is not failure; failure is that you did not even try.
Water Commission Report Illusions of change - To make privatisation work. Bills to rise Compulsory meters. Regulators urged to refrain from fines for sewage dumping, leaks Dividends OK Voluntary code for corporate governance, won't empower people/workers. assets.publishing.service.gov.uk/media/687dfcc4…
England's social care dominated by private equity & corporations. 2011-2023: 804 out of the 816 adult care homes closed by regulators were for profit. Profit margins of up to 35%-40%, little left for core services. When will Govt end profiteering? Watch the Minister's reply.
The average EU govt spending on social welfare is 19.2% of GDP, ranging from 8.1% to 25.7%. The UK spends 10.6% yet govts constantly cut benefits and right wing media says welfare is unaffordable. Taxing the UK rich is off the political agenda. ec.europa.eu/eurostat/stati…
Calls for government to save Lindsey Oil Refinery from closure. Company hit by cash extraction and debt-fuelled acquisitions. Best for govt to buy it for £1 instead of subsidising a new buyer. The UK needs infrastructure and fuel supply security. bbc.co.uk/news/articles/…
UK welfare spending is 10.6% of GDP. Right wing press never mentions that it is well below the OECD average. UK has some of the least generous welfare across OECD. No questions asked about corporate welfare, uncosted tax reliefs to corporations/rich. gov.uk/government/pub…
State pension age could rise to 74 amid warning of UK 'tsunami of OAP poverty'. Male life expectancy in poorer areas such as Blackpool is 73 years. What is planned? Inequitable distribution of income prevent people from saving. Govts won't address it mirror.co.uk/news/politics/…
Bank of England governor warns, weakening banking rules risks repeat of 2008 crisis. Tory govt began repealing the post crash reforms, Labour accelerated. Shadow banking unregulated. City is scandal-ridden. Deregulation will encourage more abuses. theguardian.com/business/2025/…
UK banks mired in scandals - illicit financial flows. Numerous products mis-sold. 1995 - 2015: finance industry made £4,500bn negative contribution to UK economy. Instead of cleansing, govt is deregulating and promoting it. What could go wrong? leftfootforward.org/2025/07/rachel…
The poorest households in Slovenia & Malta are better off than the poorest in the UK. UK has some of the least generous welfare across the OECD Yet govts push failed policies, real wage/benefit cuts, unchecked profiteering, oppose higher tax on the rich. niesr.ac.uk/wp-content/upl…
UK govt to review state pension age (SPA). SPA rising to 67 in 2026-28. Further rises likely. Rich retire whenever they want. Others work till bones ache. Life on low wage and low pension. Many won't live long enough to get pension. It is euthanasia. independent.co.uk/news/uk/politi…
UK rents rise £221 a month in three years. Wages squeezed, huge rise in cost of living due to unchecked profiteering. Inevitably, a large proportion of the population lacks spending power to rebuild economy. Can't rebuild economy without redistribution bbc.co.uk/news/articles/…
England water bills will rise by a third to fund privatisation. People already paid. Companies didn't invest, paid £85bn in dividends. Customers to pay again for service they don't get. Companies raise capital from customers, shareholders take profits. bbc.co.uk/news/articles/…
That is interesting Peter, especially as companies have at least 1,135 criminal convictions. 👇👇👇👇👇
Cunliffe doesn't refer to "illegality". Only once to "illegal" saying it is difficult to say "whether a storm overflow discharge is legal or illegal. I submitted extensive evidence of water company illegality but no reference is made. @Feargal_Sharkey @MattStaniek @WindrushWasp
Looting at Thames Water Net assets 1990, £1,329m; 2024, £1,301m; 2025, £359m negative - liabilities exceed assets NO shareholder investment since privatisation? Dividends £10.4bn. Can't build water services without ending privatisation. Water Commission didn't spot looting.
Water Commission report. Page 330 notes gearing ratio, which normally measures debt to equity. Graph charts debt to equity ratio used by OFWAT. This understates gearing, enables companies to extract higher returns. Commission asks no questions. assets.publishing.service.gov.uk/media/687dfcc4…