Take the energy sector. Recent analysis from Common Wealth, the thinktank I direct, estimated that a quarter of the typical energy bill in 2024 was profit. That is equivalent to every household paying £416 a year so other people can grow rich. The water industry tells a similar story. Almost a third of the average bill goes towards funding shareholder dividends and interest payments. And the rail sector is much the same: more than 100% of its post-tax profits are distributed to shareholders, but most of the industry’s income comes from government subsidies.