The water companies have moved swiftly to reject Jermy Corbyn’s attack on the water sector in England in his keynote speech to delegates at the Labour Party Conference today which called for the utilities to be taken back into public ownership.

In a wide-ranging speech, the Labour leader said that executive pay had soared while water sector infrastructure was crumbling and services were deteriorating.

He told the conference that government should take a more active role in restructuring the economy and that corporate boardrooms should be held accountable for their actions. The Labour party would seek not just to repair the damage done by austerity but to transform the economy with a new and dynamic role for the public sector - "particularly where the private sector has evidently failed" he said.

Corbyn continued:

“Take the water industry. Of the nine water companies in England six are now owned by private equity or foreign sovereign wealth funds. Their profits are handed out in dividends to shareholders while the infrastructure crumbles the companies pay little or nothing in tax and executive pay has soared as the service deteriorates.”

“That is why we are committed to take back our utilities into public ownership to put them at the service of our people and our economy and stop the public being ripped off.”

Responding to the speech, Water UK Chief Executive Michael Roberts said:

 “Mr Corbyn painted a badly distorted picture of the water industry, saying that infrastructure was crumbling and the service was deteriorating. He’s wrong, because water companies have invested around £150 billion in the industry since privatisation, and customer satisfaction levels have been rising – they’re now around 90% according to the independent water consumer watchdog. We’re always happy to discuss our industry’s record, but let’s do it on the basis of facts.”