Thames Water announced up to 140 redundancies on Thursday 2 November. 

 In a meeting with GMB, the water monopoly company said it would begin consulting on plans to cut 89 retail jobs and 39 digital jobs. 

Thames Water currently faces debts of up to £14 billion. 

Gary Carter GMB National Officer said "Thames Water has danced with the devil and now workers are paying the price." 

"In the 40 years since privatisation, we've seen virtually no investment, systematic asset stripping and billions of public money drained from the system to fill already bulging shareholder and fat cat coffers." 

The news comes as fresh analysis of Company House records reveals the country's water industry paid out £10 million in executive salaries last year, the highest on record.  

Thames Water have rewarded executives with £746,000 in 'bonuses, benefits and incentives' across the 2022/23 financial year. 

Carter added: "As a result, Thames is on its knees and water workers are losing their livelihoods. 

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"It's abhorrent and systematic of the failed experiment that is water privatisation. 

"GMB will fight to minimise any compulsory redundancies and make sure our members get every penny they are due."  

The Liberal Democrats have called for a ban on all CEO bonuses within the water industry, as well as the firms to be reformed as "public benefit companies". The reforms would put an end to profit before the environment and ensure their boards including environmental experts.  

Since 2020, executives at the water firm have paid themselves a £8.5million in pay and perks, with £2,415,000 in 2022/23 alone. 

This is despite the firm pumping raw sewage into the local area and River Thames, and former CEO Sarah Bentley and CFO, Alastair Cochran's decision to forfeit explicit bonus pay across the period. 

Commenting, Liberal Democrat MP for Richmond Park, Sarah Olney said: "In the same year Thames' bosses have taken millions in pay-outs, they've suggested tearing apart a nature reserve to allow them to pump billions of litres of effluent into the Thames. It's a catastrophe waiting to happen, and the government are letting them get away with it. 

"This country's water industry has become a gravy train where sewage and money flows freely. This is a scandal and happening on this government's watch. These bonuses and perks need to be banned as long as the sewage scandal continues. Bonuses should be a reward for success, not committing environmental crimes."