Environment, Food and Rural Affairs
Debate between Angela Eagle and Rebecca Pow(1 year, 4 months ago)
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Rebecca Pow
Where water companies underperform and do not meet their targets, a process is in place whereby basically they have to credit the money back to their customers. Last year, £132 million was credited back in that respect. So the regulator does have the tools to do that. It has tightened up so many of its measures, all of which will affect all the water companies.
Dame Angela Eagle (Wallasey) (Lab)
When they were privatised, water companies had all the debt written off, so they started with zero. Since then, they have borrowed £53 billion, much of which has been used to help pay £72 billion in dividends. The investment has been made by borrowing and putting it on to customers’ bills. Now, the ratings agency S&P has negative outlooks for two thirds of the UK water companies it rates, because they are over-leveraged and took out too much debt in an era of low interest, which they now have to pay back. This is not a triumph but a huge problem for the resilience of our water industry. What will the Minister do when water companies start falling over?
Rebecca Pow
For information, Thames Water itself has not paid any dividends for the last six years. Ofwat will rightly hold companies to account when they do not clearly demonstrate the link between dividends and performance. We made that possible through the landmark Environment Act.
[Official Report, 28 June 2023, Vol. 735, c. 288.]
Letter of correction from the Under-Secretary of State for Environment, Food and Rural Affairs, the hon. Member for Taunton Deane (Rebecca Pow):
An error has been identified in my response to the hon. Member for Wallasey (Dame Angela Eagle).
The correct response should have been:
Water Industry: Financial Resilience
Debate between Angela Eagle and Rebecca Pow(1 year, 4 months ago)
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Rebecca Pow
That is what we want for all our customers. That is why we have launched our plan for water to pull everything together to ensure that we deal with any pollution incidents, water supply issues and the future of the water industry. It is why we have set our targets and produced our storm sewage overflow plan, and why the water companies will have to spend £56 billion on capital investment by 2050 to address that. Every water company, including Thames Water, has to make an action plan for each of its storm sewage overflows. Thames Water will do that.
Dame Angela Eagle (Wallasey) (Lab)
When they were privatised, water companies had all the debt written off, so they started with zero. Since then, they have borrowed £53 billion, much of which has been used to help pay £72 billion in dividends. The investment has been made by borrowing and putting it on to customers’ bills. Now, the ratings agency S&P has negative outlooks for two thirds of the UK water companies it rates, because they are over-leveraged and took out too much debt in an era of low interest, which they now have to pay back. This is not a triumph but a huge problem for the resilience of our water industry. What will the Minister do when water companies start falling over?
Rebecca Pow
For information, Thames Water itself has not paid any dividends for the last six years. Ofwat will rightly hold companies to account when they do not clearly demonstrate the link between dividends and performance. We made that possible through the landmark Environment Act.
Thames in Oxford: Bathing Water Status
Debate between Angela Eagle and Rebecca Pow(3 years ago)
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Dame Angela Eagle (in the Chair)
Order. We are talking about bathing water in the Thames at the moment. I have given some leeway, but let us not stray too far.
Rebecca Pow
Thank you very much, Dame Angela, for getting us back on track and enabling us to get back to Oxford. However, my hon. Friend made a very good point and we genuinely understand everybody’s strength of feeling about swimming in their local area.
Education, Skills and Training
Debate between Angela Eagle and Rebecca Pow(8 years, 6 months ago)
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Ms Eagle
The hon. Gentleman should invite me to come and visit the university. We can go together so that I can see what is going on in Herefordshire.
The Institute for Fiscal Studies has calculated that there is likely to be an 8% fall in funding per pupil between now and 2020 in the schools sector, after a modest 0.6% rise in funding per pupil in the previous Parliament. It cannot be said that I do not put the figures accurately on the record and give the Government credit where it is due—0.6% for the first five years of the coalition, and minus 8% for the next period. Both adult and part-time education have seen huge falls in numbers participating because people cannot afford to pay.
Rebecca Pow (Taunton Deane) (Con)
One of the things that this Government are trying to do through their new Bills is to introduce new universities, which will give so many more people an opportunity to get the education they need. Students across the country are concerned about the current threat to our universities, with unions going on strike and disrupting teaching and exams. One of my daughters is about to take her finals. Does the hon. Lady agree that such strikes are not acceptable behaviour?
Ms Eagle
The first thing to say is that some of the threats are from the so-called new providers, which are untried and untested. We will have to look closely at the detail of the Bill when it is debated, and I am sure we will talk about that aspect.
By the way, I would like to acknowledge the fact that the Minister for Universities and Science has taken the place of the Secretary of State for Business, Innovation and Skills, who is on his way to Mumbai to help talk to Tata about the crisis facing the steel industry in our country. It is about time. I wish the Secretary of State all the best with the work that he is doing. It is a pleasure to welcome the Minister to the Dispatch Box in his stead.
There is nothing in this Queen’s Speech on the growing funding crisis affecting schools. There is no mention of adult up-skilling, which is a particularly difficult omission. Without action in these areas, we will not tackle the critical skills emergency which is holding back our economy. Unfilled vacancies have risen 130% since 2011, with skills shortages accounting for over a third of unfilled vacancies in key industries.