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Aramco announces completion of $3 billion international Sukuk issuance – Aramco
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Grundfos Chooses Dassault Systèmes’ 3DEXPERIENCE Platform on the Cloud for Its Sustainable Business Transformation
VELIZY-VILLACOUBLAY, France — September 18, 2025 — Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today announced that Grundfos, a global leader in advanced pump and water solutions, has chosen the 3DEXPERIENCE platform on the cloud to digitally transform its commercial building services, domestic building services, industry and water utility divisions.
In a multiyear agreement,1 Grundfos will use Dassault Systèmes’ entire portfolio of industrial equipment industry solution experiences based on the 3DEXPERIENCE platform, to manage product lifecycles more sustainably, and drive its services business. Virtual twins integrating modeling, simulation, data science and artificial intelligence will enable 3,500 users to collaborate, increase productivity and innovation, improve traceability and control, reduce operating costs and time to market, and enable new business models at scale.
The U.N. declared a Water Action Decade focused on the sustainable development and integrated management of safe water resources in light of estimates showing that billions of people do not have access. Grundfos’ decision to adopt the 3DEXPERIENCE platform reinforces its commitment to pioneer solutions to the world’s water challenges through a dedicated digital transformation strategy.
For four decades, Grundfos has been using Dassault Systèmes’ CATIA applications to design thousands of products that move and treat water. As it sought a new approach to how it innovates and operates, the company recognized the value of migrating data and solutions to the cloud-based 3DEXPERIENCE platform. Grundfos gains end-to-end visibility on all processes, predictive maintenance capabilities, real-time performance analytics and a digital thread throughout the lifecycle for the faster development of more sustainable, quality solutions.
“Grundfos’ purpose is to pioneer solutions to the world’s water and climate challenges and improve quality of life for people. To achieve it, we are focusing our business on sustainability and intelligent solutions to innovate differently, operate efficiently, and lead the market. The 3DEXPERIENCE platform on the cloud supports this strategy with technology that has driven sustainable change across many industries. It also further deepens our long-standing relationship with Dassault Systèmes that has been built on a shared commitment to improve quality of life for people,” said Björn Axling, Head of PLM, Grundfos.
“By creating a virtual twin of the water lifecycle on the 3DEXPERIENCE platform, Grundfos embodies our 3D UNIV+RSES vision, accelerating innovation, collaboration and sustainability in managing the planet’s most valuable resource, while setting a powerful example for the entire sector,” said Philippe Bartissol, Vice President, Industrial Equipment Industry, Dassault Systèmes.
1The agreement between Grundfos and Dassault Systèmes was signed in Q1 2025.
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Cut affordable home rules to boost London’s housing, report urges
Kumail JafferLocal Democracy Reporter
Getty ImagesThe Home Builders’ Federation report says regulations should be streamlined The mayor of London should slash affordable housing requirements and release swathes of green belt land to solve the capital’s housing crisis, a new report has urged.
The Home Builders Federation (HBF), a trade body representing private sector developers, said the London Plan and a new building regulator cause delays.
It noted that London was expected to deliver 440,000 of the government’s 1.5 million new homes target by 2030, but only 30,000 were completed in the first six months of 2025.
But a housing campaign group said the proposed change would be to help developers maximise their profits.
Sir Sadiq Khan has come under fire after data showed London could struggle to meet its targets on affordable housing, and on building homes in general.
In the 2023/24 financial year, the number of new homes in London fell by 9% against the previous year, compared to a 5% decline in the rest of England.
The HBF said there is a “perfect storm” of issues that affect London, including low demand from struggling first-time buyers, planning delays and the Building Safety Regulator (BSR), which was established in 2022.
The BSR has also faced heavy criticism from the mayor’s office.
City Hall said the mayor was doing “everything in his power to deliver more homes of all tenures”.
The HBF said the mayor’s London Plan is too complex and puts off developers.
The plan is a key planning document which sets out a framework for how London will develop in the longer-term.
The authors of the Mind the Gap report said the policies facing developers in London is more complex and unwieldy than anywhere else in the country.
The HBF recommended the new London Plan, set to be published in 2027, should reduce the burden on developers by streamlining any additional policies that apply to residential schemes.
John Myers, director at the YIMBY (Yes in my Back Yard) Alliance, told the Local Democracy Reporting Service: “With just 731 market homes started in London in Q2 2025, it’s clear we need to find ways to get homebuilding going again.”
Mr Myers said options included revisiting the London Plan rules.
“The expensive dual-aspect requirement and the arbitrary cap of eight homes per staircase or lift core substantially reduce the number of homes a brownfield site can deliver, and make some sites unviable.”
The HBF report also found the capital’s current requirement for new developments – to have 35% of units qualify as affordable housing – was too high.
It recommended the new requirement should only be 25%.
The report also called on ministers to cancel the introduction of the Building Safety Levy, scheduled to come into force in 2026, which requires developers to pay for the remediation of any defects, and to implement a new targeted home ownership scheme to help first time buyers.
‘Urgent overhaul’
Neil Jefferson, chief executive of the HBF, said the findings of Mind the Gap should be “a major wake-up call” for government and the mayor of London.
“The capital needs an urgent overhaul of housing policy if it is to support the housing needs of Londoners.”
However, Suzanne Muna, from the Social Housing Action Campaign (Shac) argued the desire to cut the number of [affordable] homes built on new estates “had far more to do with greed than with concerns over the complexity of planning”.
She said regulations were “there for a reason” after incidents like the Grenfell fire, and should be maintained.
A City Hall spokesperson told the LDRS: “The disastrous inheritance from the previous government has left national housebuilding on its knees.”
They said Sir Sadiq was “taking hard decisions” including exploring the development of green belt land.
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Tracking antibodies reveals four distinct COVID-19 vaccine responses
Two healthcare workers get COVID-19 vaccinations on the same day. Both show strong antibody responses initially, but six months later one stays healthy while the other contracts the virus. A new study published in Science Translational Medicine could help explain this difference.
Researchers tracked individuals’ antibody levels after vaccinations and identified four distinct patterns of immune response after the first booster vaccination. Notably, the group that started with the highest antibody levels but experienced a faster decline were infected earlier. People with lower blood levels of IgA(S) antibodies, which protect the nose and throat, were also at higher risk. The findings suggest that monitoring how antibody levels change over time could assist in identifying individuals at greater risk of infection.
Led by scientists from Nagoya University in Japan, the research team measured antibody levels in 2,526 people over 18 months to see how vaccine responses changed between the first vaccination and later booster shots. They developed a mathematical classification system for COVID-19 vaccine responses using long-term tracking and AI-based computer analysis, becoming the first to systematically identify and characterize the “rapid-decliner” group.
The researchers found that immune responses fell into four clear patterns: some people maintained high antibody levels over time (durable responders), others started with strong levels but lost them quickly (rapid-decliners), a third group produced few antibodies that also declined rapidly (vulnerable responders), and the rest fell in between (intermediate responders).
Immunity that peaks early and then drops
According to Shingo Iwami, senior author and professor at Nagoya University’s Graduate School of Science, the results for the rapid-decliner group were surprising. “In spite of their impressive initial immune response, they caught COVID-19 sooner than other groups, while durable responders maintained protection for longer periods. One-time blood tests for IgG antibodies, the antibody type we used for classification, couldn’t detect this risk. Only by tracking changes over months did we see the pattern,” he explained.
A breakthrough or subsequent infection refers to infections that occur after vaccination because the virus overcomes the immune protection that vaccines provide. The researchers found that people whose antibodies declined faster, either because they started low or dropped quickly (vulnerable responders and rapid-decliners), were slightly more likely to get breakthrough infections earlier.
After booster vaccinations, 29% of participants fell into the durable responder category, 28% were vulnerable responders, and 19% were rapid-decliners. The remaining participants showed intermediate patterns. The differences in breakthrough infection rates between groups were modest-5.2% for durable responders and 6% for vulnerable and rapid-decliners.
Breakthrough infections linked to IgA(S) antibody levels
The study also revealed that participants who experienced breakthrough infections had lower levels of IgA(S) antibodies in their blood several weeks after vaccination. These antibodies protect the nose and throat and are our first line of defense against respiratory viruses.
Importantly, the researchers found a strong correlation between blood IgA(S) levels and nasal IgA(S) levels, suggesting that blood tests can reliably indicate the strength of immune protection in airways. As a result, measuring blood IgA(S) levels after vaccination may help identify individuals at higher risk for breakthrough infection, especially among vulnerable groups.
While these results provide a foundation for future research, Professor Iwami emphasized the importance of identifying the underlying biological mechanisms responsible for the rapid decline in antibody levels in order to develop more effective vaccination strategies. Previous research points to factors such as age, genetic variation, vaccine-specific characteristics, and environmental influences, including sleep habits, stress levels, and medications being taken at the same time.
“This is the first time we’ve been able to clearly group how people respond to COVID-19 vaccines.”
Shingo Iwami, Senior Author and Professor, Graduate School of Science, Nagoya University
“Identifying the rapid-decliner pattern is especially important-it helps explain why some people may need boosters sooner than others. This could potentially contribute to better, more personalized vaccination strategies. However, whether antibody testing can be used widely depends on cost, accuracy, and if the benefits are worthwhile compared to current strategies. More research is needed to understand its full potential.”
Source:
Journal reference:
Park, H., et al. (2025) Longitudinal antibody titers measured after COVID-19 mRNA vaccination can identify individuals at risk for subsequent infection. Science Translational Medicine. doi.org/10.1126/scitranslmed.adv4214.
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Soho bar serves up gonorrhoea vaccines in sexual health drive
Getty ImagesThe roll out of the “world-first” vaccination programme against gonorrhoea began last month Gonorrhoea vaccines and a new antibiotic treatment are being offered at a Soho bar as part of an effort to reduce rates of sexually transmitted infections (STIs).
The pop-up events, which are being hosted in G-A-Y Bar, aim to make it easier for those at the highest risk to get the vaccine.
Figures show that gay and bisexual men are disproportionately affected by STIs, accounting for 75% of syphilis and 70% gonorrhoea cases in London last year.
The events have been organised by 56 Dean Street, an NHS clinic which has been at the forefront of innovations in sexual health, including same-day STI testing and expanded access to PrEP, a medication that helps prevent HIV.
Lawrence O’Connell, a senior nurse at the clinic, said stigma and anxiety around clinical settings can prevent people from seeking support, which is why 56 Dean Street wanted to “be out and be seen” and meet people where they are.
A recent event saw a long queue stretch down Old Compton Street, and inside, booths had been turned into makeshift consultation rooms.
G-A-Y maintained its party atmosphere as pop anthems continued playing in the background.
Josh Elgin/BBCLawrence O’Connell says it’s important to meet potential clients wherever they are The outreach events are part of a wider public health push to tackle rising STI rates.
In 2023, gonorrhoea cases in England reached a record high with over 85,000 diagnoses, triple the number reported in 2012.
Although that figure dropped to 71,000 last year, experts are increasingly worried about a small but growing number of antibiotic resistant cases.
The vaccine, which began being rolled out last month, was originally developed to protect against meningitis B, but recent studies suggested it reduced the risk of gonorrhoea by around 40%.
It not only protects individuals, but also helps to break the chain of infection, which experts say will reduce the overall spread.
‘It’s not shameful’
Other STIs are also on the rise, with syphilis cases last year reaching their highest level in seven decades.
Alongside the vaccine, a new antibiotic treatment known as DoxyPEP is also being offered at the pop-ups.
If taken within 72 hours of sex, it significantly reduces the risk of contracting infections like chlamydia and syphilis.
Its use is being carefully monitored due to concerns about antibiotic resistance.
DoxyPEP is currently only recommended for gay and bisexual men and trans women who have recently had an STI or who regularly have new sexual partners.
Mr O’Connell said the likelihood of resistance is low, and encouraged people at risk to visit the clinic and speak to someone about whether it is right for them.
What is gonorrhoea?
Gonorrhoea is a sexually transmitted infection passed on through unprotected sex. It’s treated with antibiotics. If it’s not treated, it can cause serious health problems.
Not everyone gets symptoms of gonorrhoea, but for people who do, they usually start around two weeks after infection, although they sometimes do not appear until many months later.
If gonorrhoea is not treated, it can cause serious problems including:
- Eye infections
- An infection of the womb, fallopian tubes and ovaries (pelvic inflammatory disease), which can lead to infertility if not treated
- Infection in the testicles or prostate (prostatitis)
More than 550 people have attended the pop-up events at G-A-Y so far. Andrew and Calum came together after seeing it advertised on social media.
Calum said he felt fortunate the two friends talked openly about sexual health with each other.
“It’s something we talk about a lot. It’s really nice; it’s not shameful.”
Andrew said he was keen to get the vaccine and DoxyPEP as soon as he could. “We’re single and we live in London. We may as well be safe.”
Calum believes that within the community “there is a focus on HIV,” but less so for other STIs.
Josh Elgin/BBCEla is one of more than 500 people to get the vaccine at G-A-Y so far Ela attended the pop-up after initially being told by a local sexual health clinic that they might not meet the eligibility criteria.
“People are very aware that trans people exist, but sometimes I have to fight my corner. I’ve been told before I should masc up to get a vaccine,” they said.
“Knowing I’ve got DoxyPEP and the vaccine will take a lot of anxiety off sex for me.”
Mr O’Connell said the treatments shouldn’t be seen as standalone solutions, but as an extra level of protection alongside other measures like using condoms and taking PrEP.
People who may be eligible for the vaccine and DoxyPEP are asked to contact their local sexual health clinic. An additional two events are scheduled at G-A-Y on 18 and 25 September, between 16:00 – 19:00.
Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, X, and Instagram. Send your story ideas to hello.bbclondon@bbc.co.uk, external
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Calls to include menopause support in cancer care
Menopause and CancerMenopause and Cancer is a charity that supports people who are managing menopause following cancer treatment Campaigners are calling for menopause support to be included into cancer treatment care plans.
The majority (90%) of the 1,200 people surveyed by Menopause and Cancer said they were not provided plans to help manage menopause-related health changes brought on by cancer treatment.
Its founder Dani Billington said the results were “not a surprise”.
NHS England has been approached for comment.
Ms Billington said there was currently no direct pathway for menopause treatment support included in cancer care plans.
“We call for improved training for healthcare professionals, better access to therapies and specialist care so people can manage menopause safely and effectively,” she said.
Ms Billington, who lives in Thames Ditton, Surrey, was diagnosed with breast cancer at 33, and she said that her treatment caused her to experience early menopause aged 39.
She subsequently set up the charity to support patients and run workshops to equip healthcare professionals with better knowledge.
Menopause and CancerDani Billington is the founder of the charity Menopause and Cancer Rachel Bowman, from Brighton, East Sussex, was first diagnosed with breast cancer at 46 and was on hormone treatment therapy (HRT) to help relieve perimenopause symptoms.
The now 49-year-old, who is the director of Menopause and Cancer, said she was only given a menopause management plan after she was diagnosed with cancer again in 2023.
“Support teams who have this specific experience is very patchy,” she added.
Kent resident Penny Giles-McLoughlin, 54, was diagnosed with breast cancer aged 50, but said she too was not provided guidance on how to manage menopause caused by cancer treatment.
‘Fall between the cracks’
Dr Carys Sonnenberg, a GP and menopause specialist, from Surrey, said historically the focus in oncology was treating and surviving the cancer and “less attention to long-term quality of life issues including menopause”.
“Oncology, gynaecology, and primary care may not always coordinate well, so patients can fall between the cracks,” she added.
Dr Sonnenberg said menopause care should be built into cancer care plans from the start.
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The Sky Today on Thursday, September 18: Iapetus at superior conjunction
The two-toned moon Iapetus shines at 11th magnitude due south of Saturn, making it easy to find this morning before dawn.
Iapetus stands due south of Saturn early on September 18. If you can spot the 11th-magnitude moon, try also for slightly fainter Enceladus, closer to the rings. Even if you can’t see it, you should be able to catch 10th-magnitude Tethys and Dione, as well as mid-8th-magnitude Titan. Credit: Stellarium/Oleg Pluton
- Saturn’s observation is optimal around 1 A.M. local daylight time, when it reaches its highest point (50° south) before morning twilight.
- Telescopic observation of Saturn reveals its ring system (nearly edge-on), along with prominent moons: Titan (magnitude 8.4, east of Saturn), Dione and Tethys (near the rings), and potentially Enceladus (12th magnitude, depending on equipment).
- Iapetus, an 11th magnitude moon, is currently positioned 1.3′ due south of Saturn. Its brightness varies due to its slow rotation and tidal locking.
- Iapetus will reach eastern elongation on October 7th, resulting in a decrease in brightness from magnitude 11 to 12.
Visit Saturn with your telescope this morning to spot the elusive moon Iapetus at superior conjunction, located due south of the ringed planet.
Saturn is highest in the sky around 1 A.M. local daylight time, when it is roughly 50° high in the south. However, it remains visible through morning twilight, slowly sinking toward the west. The earlier in the morning you can catch it, the better, as it’s higher and you’ll be observing it through less air. You can find it as the brightest point of light in southwestern Pisces, near the Circlet asterism and below the Great Square of Pegasus.
Zoom in on Saturn with a telescope to spot its stunning ring system, now seen nearly edge-on and tilted by only a few degrees. The brightest moon, magnitude 8.4 Titan, lies east of the planet and should be easy to spot. Closer to the rings on the eastern side is 10th-magnitude Dione, while similarly bright Tethys lies near the edge of the rings on the western side of Saturn. In between Dione and the rings on the eastern side, larger telescopes might show 12th-magnitude Enceladus, but don’t be surprised if you can’t spot it.
Iapetus is currently 11th magnitude and lies 1.3′ due south of the planet. This strange, two-toned moon orbits every 79 days, slowly turning as it moves, tidally locked and always showing the same face to Saturn. As seen from Earth, the slow rotation causes its brighter side to face us when it is at western elongation and its dimmer side to face us at eastern elongation. The moon is now heading toward eastern elongation, which it will reach October 7, fading from 11th to 12th magnitude as it heads to a point far east of Saturn.
Sunrise: 6:44 A.M.
Sunset: 7:03 P.M.
Moonrise: 3:16 A.M.
Moonset: 5:46 P.M.
Moon Phase: Waning crescent (10%)
*Times for sunrise, sunset, moonrise, and moonset are given in local time from 40° N 90° W. The Moon’s illumination is given at 12 P.M. local time from the same location.For a look ahead at more upcoming sky events, check out our full Sky This Week column.
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New AI tool predicts risk of more than 1,000 medical conditions a decade in advance
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Scientists say they have created a new artificial intelligence (AI) tool that can predict people’s risk of developing more than 1,000 medical conditions.
The model can forecast whether a patient will develop certain cancers, heart attacks, and other conditions more than a decade before they are formally diagnosed, according to the study, which was published in the journal Nature on Wednesday.
“This is the beginning of a new way to understand human health and disease progression,” Moritz Gerstung, head of the AI in oncology team at the German Cancer Research Centre (DKFZ), said in a statement.
As AI advances into the medical field, the researchers said the new tool is one of the largest examples to date of how AI could be used to help patients.
The model was trained using anonymised data from 400,000 people in the United Kingdom and then tested using data from 1.9 million people in Denmark.
It learned to identify patterns that, over time, tend to culminate in serious health conditions – for example, using previous diagnoses and smoking histories. Considering both the order of these events and the amount of time between them, the model could then predict a patient’s risk of developing various diseases.
The researchers stressed that the model’s predictions do not mean a patient will definitely get sick – rather that they are at higher risk. They compared it to a weather forecast.
They also said that the model is more accurate with conditions with “consistent progression patterns,” such as certain forms of cancer, diabetes, heart attacks, and a type of blood poisoning known as septicaemia. It is also generally more accurate over the near-term than the long-term.
However, the model is less reliable for issues that are harder to anticipate, such as mental health problems, infectious diseases, and pregnancy-related complications.
The model is proof that AI can “learn many of our long-term health patterns and use this information to generate meaningful predictions,” said Ewan Birney, interim head of the European Molecular Biology Laboratory (EMBL).
In a statement, Birney called the model “a big step towards more personalised and preventive approaches to healthcare”.
EMBL and DKFZ worked with the University of Copenhagen to build the model.
The study authors said the AI tool is not yet ready to be used in doctors’ offices, but that it can already help researchers understand how diseases develop over time and how people’s lifestyles and medical histories affect their health risks.
However, independent experts noted that the model was trained and tested on UK and Danish datasets that are biased in terms of age, ethnicity, and health outcomes. More work would be needed to ensure the model can accurately predict disease risk for more diverse groups of people.
The researchers said that in the future, the tool could help physicians identify high-risk patients before they fall ill.
Gerstung said the tool could “eventually support earlier, more tailored interventions”.
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Fashion risks going backwards on diversity, says ex-Vogue boss
Paul GlynnCulture reporter
Getty ImagesEdward Enninful says the fashion industry “has to figure out where we stand and what we stand for” Edward Enninful, the former editor-in-chief of British Vogue, has said “anti-woke” and anti-diversity rhetoric is having “a moment”, and that being super-thin and European are often seen as the beauty norm again in the world of fashion.
The Ghanaian-born British editor and stylist ended his tenure at British Vogue in 2023, and last week launched what he calls an “inclusive” new media platform, EE72.
Speaking to BBC Radio 4 podcast Radical with Amol Rajan for London Fashion Week, Enninful suggested the industry risked going back to how it was before years of more inclusive modelling.
“I think we’re potentially going back to an industry that’s just sort of, ‘one type is the norm, being European is the norm, being super-thin is the norm’,” he said.
A string of high street fashion adverts that have been banned because they featured models who looked “unhealthily thin” has led industry experts to warn of a return to the super skinny trend, BBC News recently reported.
Enninful described fashion as an “industry in flux at the moment”. He said he’s therefore “excited” to be returning at what feels like “the perfect time” because “there’s a lot of work to be done”.
The first quarterly print edition of his new venture – titled 72 after the year he was born – focuses on the beauty of women over 50. It features Hollywood movie star and “real human being” Julia Roberts, 57, on its cover.
Enninful came to London as an aslyum seeker, and after being appointed fashion director of the British fashion magazine i-D at the age of 18, he went on to become the first black editor-in-chief of British Vogue, where he championed diversity in order to “represent the world we live in today.”
Fashion ‘has to figure out what we stand for’
Asked by Rajan if he thought a cultural “anti-woke moment” was now taking place, he agreed.
“I think it’s definitely a cultural moment,” he replied. “Woke is a dirty word.
“We see what’s happening in the world politically. So anything that’s not deemed as normal or the norm is seen as wrong.”
The Oxford English Dictionary (OED) defines “woke” as meaning “well-informed” or “up-to-date” as well as being “alert to racial or social discrimination and injustice”.
It has been seen as a badge of honour by some on the left, but more often as an insult by those on the right.
The fashionista continued: “It’s not woke to think that someone curvy is beautiful, it’s not woke to think someone from another country is beautiful.”
He believes the fashion industry “has to figure out where we stand and what we stand for”.
Getty ImagesEdward Enninful and Anna Wintour pictured at 2024’s UK premiere of Disney+ documentary series, In Vogue: The 1990s In the same interview, Enninful spoke about his departure from Vogue and his relationship with Dame Anna Wintour, who is stepping back as editor-in-chief of American Vogue after 37 years.
He laughed at widespread reports the two had fallen out and that he had been forced out.
“When I took the job, I gave myself five years and I did six,” he explained, adding that she had asked him to give them a year’s notice so they could find his replacement, who turned out to be Chioma Nnadi.
“So it was my decision to leave. But I just loved all these stories like, oh my God, Anna and I were fighting!”
He said she was “actually very supportive” because she could see he was leaving “a secure place” like Vogue to go it alone.
“Anna and I, we text each other all the time. You’re going to see us together.”
Enninful also gave his views on the controversial recent Sydney Sweeney jeans advert.
US fashion retailer American Eagle had the Euphoria and White Lotus actress resplendent in its denim alongside the words: “Syndey Sweeney has great jeans.”
Some people took the pun to mean the ad was implying a racially superior ideal of beauty. Others, however, backed Sweeney and described the outrage as overblown.
“I thought people really read into it probably deeper than I would have,” said Enninful, noting how Sweeney is currently “having a great moment” in her career.
“But then also on the other hand, I guess if you have a blonde woman sitting there talking about her jeans, it will trigger some people.
“So I feel like the population is quite divided really, isn’t it?”
All episodes of Radical with Amol Rajan are available to listen to on BBC Sounds.
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Privatisation of UK industries is driving cost of living crisis, says Greens’ leader | Politics
The privatisation of the UK’s key industries is driving the cost of living crisis, damaging critical public services and making life harder for millions of people, the leader of the Green party, Zack Polanski, has said.
Speaking after the Guardian revealed the British public have been paying a “privatisation premium” of £250 per household per year since 2010, he described the mass privatisation of UK industry as a “failed experiment”.
“This report shows that privatisation has been one of the key drivers of the cost-of-living crisis and growing inequality … the Conservatives were the architects of this failed experiment, but the Labour government has done virtually nothing to change course.”
In his successful campaign to become Labour leader in 2020, Keir Starmer vowed to support “common ownership of rail, mail, energy and water” but has backtracked since coming into power, ruling out nationalisation of the big six energy companies, water or mail.
Labour has made some moves towards nationalisation, bringing some train operators back into public ownership, establishing the publicly owned GB Energy and completing the re-nationalisation of the national energy system operator.
But critics say this week’s report – which found £200bn had been paid to shareholders since the privatisation of key industries in the 1980s and 90s – shows they must go further and faster to address poor services and rising bills and to tackle the climate emergency.
The TUC’s general secretary, Paul Nowak, said: “We can’t ask families to keep on footing the bill for decades of failed privatisation. From soaring water bills to crumbling rail services, the system is broken – and it is ordinary people paying the price.”
Nowak said the Labour government had made “a strong start by taking the first steps to bring our railways back into public hands and creating GB Energy. But it must go further and faster.”
He added: “That means delivering on its commitment for the biggest wave of insourcing in a generation and re-nationalising failing water companies like Thames Water – a textbook case of corporate mismanagement where profits have been prioritised over people and infrastructure.
“The government should continue delivering on its ambition to bring essential services back where they belong.”
The study by the thinktank Common Wealth found the selloff of these key industries has “led to a historic transfer of wealth” with at least £193bn having been paid out to shareholders, private equity funds and foreign holding companies since 1991.
Jonathan Bean, from the campaign group Fuel Poverty Action, said it was shocking that the government was “pandering to private profit rather than delivering on their manifesto promise to bring down bills by £300”.
“Right now, the government could be legislating to clamp down on excess profits and deliver the savings they promised. As winter approaches, there is no time to lose.”
Polanski said that under Labour, not only were water and energy being left in the hands of private monopolies, but that also the government was “breaking up our health service and opening it up to private profiteers”.
“The Green party was the only party unequivocally opposed to privatisation of public services and pro public ownership,” he said.
“We say water, energy and transport must be in public hands, and hands off our health service. This is the way to create a fairer, greener future for all and bring down bills.”
No 10 declined to comment.
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