Thames, Yorkshire and Northumbrian Water: Ofwat Proposed Fines
Debate between Lord Tyrie and Baroness Hayman of Ullock(2 days, 1 hour ago)
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Baroness Hayman of Ullock (Lab)
Defra is evaluating how water company fines and penalties can best be reinvested into improvements to the water environment, which includes looking at the Water Restoration Fund. We hope to make a final decision on that some time this year.
Lord Tyrie (Non-Afl)
By any standards, Ofwat’s performance has been shocking, and over a good number of years—in fact, the worst regulatory failure we have had since the regulators who supervised banking throughout the banking crisis. Jon Cunliffe was asked to investigate this last October, and we are told that he will take at least a year to report, but he has only just started to take evidence. Can we at least have an interim report to get some early progress on reform of the water industry and better performance out of Ofwat?
Baroness Hayman of Ullock (Lab)
The advisory board that is going to be working with Sir Jon Cunliffe has been appointed and set up, and my understanding is that the intention is that there will be a first report in the spring of this year.
Water Bills
Debate between Lord Tyrie and Baroness Hayman of Ullock(2 months, 1 week ago)
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Baroness Hayman of Ullock (Lab)
Clearly, what we are aiming to do at the moment is to increase investment into our water companies. Without that increased investment, which will need to come from private sources, as the noble Lord says, we cannot make the infrastructure improvements that we so badly need.
Lord Tyrie (Non-Afl)
The Minister has described the conduct of the water companies as “disgraceful”, but is it not the responsibility of Ofwat to sort out the water companies? In that case, what steps are the Government taking to make sure that Ofwat does its job as a regulator?
Baroness Hayman of Ullock (Lab)
The noble Lord makes an important point. We are very concerned about regulation over the past few years, which is why we are shortly starting our review into the water industry, which will also look at regulation, Ofwat and the Environment Agency, and whether that is the appropriate way to move forward.