The privatisation of the water industry in England and Wales was carried out by the Conservative government under Margaret Thatcher in 1989. Through the Water Act 1989, ten regional water authorities were transformed into private limited companies and floated on the London Stock Exchange. This was part of a broader "privatisation revolution" aimed at reducing government spending and encouraging private investment to modernise the crumbling Victorian-era sewage and piping infrastructure. Unlike the rest of the UK, water in Scotland and Northern Ireland remained under public ownership (Scottish Water and Northern Ireland Water). In 2026, the 1989 privatisation remains a highly controversial political topic, with critics pointing to high levels of sewage discharge into rivers and rising consumer bills, while supporters argue it has brought billions in necessary private capital that the taxpayer would otherwise have had to fund directly.