Water industry needs investment, not confiscation, argues Lord Johnson

Lord Johnson, former investment minister, argues against Andy Burnham's proposal to renationalise Thames Water and increase public control of utilities. He warns that confiscating private assets would deter the foreign investment Britain needs for economic growth, citing IMF forecasts of just 1% growth in 2026. Johnson contrasts Burnham's plan with the success of 'Manchesterism', which he says was built on private capital and stable investment frameworks. He notes that since privatisation in 1989, water companies have invested over £236bn, with annual investment more than doubling from the nationalised era. Johnson criticises the idea that the state can run services effectively, pointing to failures in public infrastructure projects. He also warns that confiscation would harm international investors and UK pension funds heavily invested in the sector. He urges the new government to court, not chill, international investment to deliver regional prosperity.