Again an issue of scale as I was talking about in another thread - there's a valid argument for private investment and running of utilities (even public ones) when they have value for money. But the water company is dumping far too much raw sewage into our water because they cannot currently make a profit without doing so. If they cannot run our services without doing a good job they have no right to do so. I think they will likely go bankrupt at current rates, and I certainly hope they do, interestingly both sides of the political spectrum are in full agreement not to bail them out (both JRM and the Green party have said they want them to go bust).
There needs to be tighter regulations, I would even argue that dumping raw sewage unnecessarily should constitute a criminal offence in cases where it amounts to endangering public health to save a profit, though undoubtedly some will think I'm being far too extreme.