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I'm kind of curious how it compares to some of the cities here in the US.
Thames Water, London, UK
https://www.thameswater.co.uk/help/account-and-billing/understand-your-bill/metered-customers
San Diego, California: a city located in a semi-arid region which depends partly on desalinated water.
https://www.sandiego.gov/public-utilities/customer-support/water-billing-rates
https://www.sandiego.gov/public-utilities/customer-support/sewer-billing-rates
New Orleans, Lousiana: a city located at the mouth of the Mississippi, as London is located at the mouth of the Thames:
https://www.swbno.org/CustomerService/RatesFeesAndCharges
These guys charge a fixed fee based on the size of the meter. It looks like residential meters normally are either 5/8 inch, 3/4 inch, or 1 inch.
Water monthly fixed fee:
Water usage fee:
Sewage monthly fixed fee:
Sewage usage fee:
At a current currency conversion rate of $1.3565 for £1, and with a cubic meter being 0.35314667 HCF and 0.26417205 thousand-gallons:
Six month residential water cost:
Six month residential wastewater cost
(for Thames Water, taking into account the rebate, and for San Diego, disregarding the limit that may be charged a customer):
So, looking at that, a few things stand out. First, London is an old city, and I'd vaguely imagine has a lot of elderly sewers and such that might cost a lot to maintain. Going into this, I had guessed that infrastructure was maybe where any major Thames Water cost was coming from. But actually, the fixed sewage costs aren't that much higher than San Diego (a relatively-young city), and are considerably lower than New Orleans' fixed sewage costs. So unless, for some reason, the customer fee structure doesn't reflect the cost structure for one or more of the organizations, that kills that theory.
And the Thames Water per-usage sewer rates are lower than the rates in both American cities.
Fixed water rates are in-between New Orleans and San Diego. I'd expect that some of San Diego's fixed costs need to go to things like the San Diego Aqueduct system, to bring water from the closest sources of surface water, which isn't something that'd be needed in London. But I'd also imagine that London has its own complexities, like older infrastructure.
The per-unit water usage rates for Thames Water, on the other hand, are relatively high
towards the upper end of San Diego's per-unit usage rates, and as I said, San Diego relies in part on desalinated water, which should be more-expensive as a source than surface water (and which London could certainly hypothetically avail itself of). Thames Water per-unit water rates are also much higher than those in New Orleans. It does seem to me that there's plausibly a way to get per-usage rates down for Thames Water.