It's all been privatized and they don't care about anything other than maintaing profits so of course we're seeing the effects now. It's also why every single water provider in the UK is dumping raw sewage into our rivers and when the government tries to make them fix it they cry about how that will eat into their profits and how it's unfair.
That is only a very recent change though, 1 October 2024[1].
Before that it was very much privatised, 1990–2024[2].
Technically in the background I suspect you will find very little has changed since October 2024 since (a) not enough time has passed (b) things like TUPE means you will end up with most of the same people doing the same things under a different logo, at least for a little while until changes get phased in.
My second thought is, UK infra is crumbling so bad, this is really most likely just business as usual...