For what it's worth, I'm sceptical that nationalising would lead to better regulation, which is how you change internal governance. The reason the Thatcher government privatised in the first place is because they balked at funding themselves the future investment that was needed to pull the industry out of the hole it was in in the late 80s. Governments since have been able to enact the WFD and now the Environment Act (which, as I've said before, is a mind bogglingly costly thing to implement) and not had to worry about borrowing the money themselves to finance it, that's the water industry's problem. I personally don't think the Environment Act would have been enacted as it is if the government was going to have to do the borrowing and taxing to pay for it.