The cost of nationalisation was calculated in a report published by the Social Market Foundation titled ‘The cost of nationalising the water industry in England’. The report estimated the costs of nationalising water companies, including Thames Water, would be £90bn. This research draws on a range of existing academic studies, as well as publicly available data from Ofwat, the London Stock Exchange and the annual accounts of the water companies. The research can be viewed on the Social Market Foundation’s website www.smf.co.uk.