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    The saga continues.............its almost as bad as Tax Avoidance costs....

    Water companies told to stop siphoning off cash to foreign owners

    Former head of Ofwat lambasts privatised firms for paying excessive dividends

    Britain's privatised water companies have been allowed to get away with paying "excessive

    dividends" to their foreign owners at the expense of customers and the taxpayer, the industry's

    former regulator warns today.

    In a damning indictment at the state of the industry he once oversaw Sir Ian Byatt, former

    director-general of Ofwat, said shareholder returns of between 20 and 30 per cent a year

    meant some companies were no longer able fund vital projects.

    And he called for Ofwat to urgently set limits on dividends and force water companies to cut

    consumer bills if they want to breach them.

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