Future of Thames Water

Debate between Charlie Maynard and Caroline Nokes

Tuesday 14th July 2026 Commons Chamber

[Clive Jones (Wokingham) (LD)]

Residents in Wokingham are absolutely sick of the failures of Thames Water’s management. In 2025 alone, Thames Water committed 74 sewage spills, for a duration of 684 hours. That means that Thames Water dumped sewage for the equivalent of 456 football matches, and there were certainly no clean sheets. No waterway in Wokingham is safe—

[Madam Deputy Speaker (Caroline Nokes)]

Order. The hon. Gentleman should be aware that interventions should be short, spontaneous and perhaps not pre-typed and three pages long.

[Charlie Maynard]

I thank my hon. Friend.

Rather than having customers pay hundreds of millions of pounds of debt at ludicrous interest rates of nearly 10%, Thames Water should be taken into a special administration regime, which is commonly known as bankruptcy on insolvency grounds. I urge the Government to pursue a SAR on the basis of insolvency, as this is a more straightforward way to secure special administration than on a performance basis, and it will give the special administrator additional powers and a stronger position in relation to the creditors.

The Water Industry Act 1991 sets out triggers linked to financial insolvency. Among them is the company being unable, or likely to be unable, to pay its debts. The Secretary of State and Ofwat both have discretion to apply to the High Court for a special administration order if that condition is triggered. I understand that the Government currently do not have, and have refused to publish, a SAR assessment policy. That is despite the Cunliffe review concluding that there is a need for

“broad, judgement-based tests within a clear policy, that has been set out in advance, of how the regulator will assess failing companies against these tests, the factors it will take into account and the indicators it will consider.”

That is from paragraph 793, recommendation 59, of the final report. Clarity around those tests and when a SAR will be used would benefit the water sector and its investors. Importantly, it also increases the Government’s negotiating leverage with the class A creditor consortium by further increasing the credibility of the threat of a SAR. I am interested to hear from the Minister why the Department for Environment, Food and Rural Affairs is so reluctant to publish those tests.

A SAR process would allow Thames Water’s debt to be written down substantially, very likely into single-digit billions. This write-down is crucial, and it is not punitive. The write-down should be sufficient for the company to leave the SAR with a balance sheet that is strong enough to manage the huge spend that will be required over the next decade or so on treatment works and pipe networks.

[Charlie Maynard]

I completely agree with my hon. Friend. That is what is going on up and down the catchment writ small, with treatment works deferred despite being crucially needed. In Aston, we have sewage running down the street year after year, and it is the same in Standlake. It is just disgusting, and there is no end in sight.

A SAR process would allow the Government to use the period while Thames Water is in a SAR to put much of the good work from the Cunliffe review into new legislation, and to do the legwork to enable the company to exit as a mutual. Crucially, a SAR would not ultimately cost the Government anything—this really matters—because they will recoup all the funding spent on a SAR, as this new funding injected by the Government would be super senior to all other funding. I am very grateful to the former DEFRA Secretary, Steve Reed, for setting out in a letter to the—

[Madam Deputy Speaker (Caroline Nokes)]

Order. The hon. Gentleman means to say, “the former Secretary of State for DEFRA, the right hon. Member for Streatham and Croydon North (Steve Reed).”

[Charlie Maynard]

My apologies, Madam Deputy Speaker.

I am grateful to the former Secretary of State for setting out in a letter to the Environment, Food and Rural Affairs Committee in June last year that

“we expect that any Government funding required during a SAR would be recouped after the conclusion of the administration”.

The current Secretary of State set out the same point in a parliamentary debate on 16 June. It is also worth noting that the Tories—there are not any in the Chamber—continue to refuse to acknowledge this, and that Teneo, Thames Water’s own expert adviser, stated the same in its report to the High Court in December 2024.

Water Companies

Debate between Charlie Maynard and Caroline Nokes

Monday 8th June 2026 Commons Chamber

[Madam Deputy Speaker (Caroline Nokes)]

I call the Liberal Democrat spokesperson.

[Charlie Maynard (Witney) (LD)]

Thames Water, which serves my constituency, embodies the systemic failures of the sector. The company is in breach of its licence conditions by not having held any investment grade credit ratings for nearly the last two years and by failing to inform Ofwat and the Government of the change of control at the company. The Government have stood by and let that happen. Now, their only plan is to hand the company over to the very same creditors who have pillaged, and continue to pillage, it. They must now change course, put Thames Water into special administration and bring it out as a business that is mutually owned and operated in the interests of its customers and the environment.

I find the shadow Minister’s words extraordinary—he comes across as a corporate shill. I have provided him with information from Thames Water’s own independent expert that demonstrates that the cost to the Government will be zero in the medium term, but he has not responded. Will the Government please now put the company into special administration?

Finance (No. 2) Bill

Debate between Charlie Maynard and Caroline Nokes

Report stage
Wednesday 11th March 2026 Commons Chamber

[Charlie Maynard]

I speak on behalf of the Liberal Democrats, and the shadow Minister’s audacity in talking about a “high-tax, low-growth doom loop” is pretty high.

With regard to this Bill, I ask the Government to look again at four things. I will go through them quickly, and then I will sit down. I ask the Government to provide more detail, and quickly, on their plans to prevent pensioners from being dragged into paying income tax; to publish information on how the freezing of tax thresholds until 2030-31 impacts households at various income levels; to recognise the impact that the Government’s policies are having on youth unemployment, which is up by 100,000 in the last year, and to take steps to halt this rapid rise, which at a minimum would include reducing the national insurance contributions rate paid by employers on part-time employees earning between £5,000 and £9,100 per year; and, finally, as per new clause 11, which we just pushed to a vote, to look again at taking a fairer approach to farmers by allowing the thresholds on agricultural property relief to rise over time in line with agricultural land prices, rather than having those thresholds eroded over time.

Question put, That the Bill be now read the Third time.

The House proceeded to a Division.

[Madam Deputy Speaker (Caroline Nokes)]

Will the Serjeant at Arms investigate the delay in the Aye Lobby?

National Insurance Contributions (Employer Pensions Contributions) Bill

Debate between Charlie Maynard and Caroline Nokes

Committee of the whole House
Wednesday 21st January 2026 Commons Chamber

[The Second Deputy Chairman]

I call the Liberal Democrat spokesperson.

[Charlie Maynard (Witney) (LD)]

My chief concern with this Bill is that, like a lot of the measures that the Chancellor announced in the Budget, it looks like it may be a route to some medium-term increased tax revenues, but it gives no thought to longer-term consequences. That will help the Chancellor meet her fiscal rules, but I say “may” because the Bill does not kick in this year, next year, the year after or the year after that; rather conveniently, it will kick in during the election year of 2029-30. That is pretty useful if you are fighting an election and want to meet your fiscal rules, but it is not very useful if you are trying to be fiscally prudent, so that leads to some scepticism about what is actually going on here.

Given the pressures on the state pension and the social care system, it seems extremely counterproductive to reduce the incentives for those who can afford to save more towards their retirement. Let us look at the impact that small businesses have warned about. Pensions UK and the Federation of Small Businesses have jointly expressed their concern that these changes will increase costs for businesses that rely on salary sacrifice to support staff retention and reward. They state:

“Higher National Insurance costs and operational disruption would make it harder to offer competitive benefits, invest in growth, or plan effectively.”

We need to remember the wider context that small businesses are operating in. Even before this Bill, they were battling the sharply rising costs of everything from rents to energy bills, supplies, business rates, the costs of Brexit and so on, and they also have to adjust to the changes in their NICs bills that the Chancellor announced a year ago. One can imagine how that must feel for small business owners—the additional burden heaped on them feels unsustainable.

This Bill is a double whammy on last year’s national insurance hikes—the NICs burden went up last year due to the rate increase, and now this measure is raising their NICs bills for a second time. I would be interested to hear from the Minister what assessment the Government have made of the impact of these changes on businesses, and on small businesses in particular. That is why the Liberal Democrats have tabled amendments requiring the Government to publish full assessments of the impact of the Bill on the recruitment and retention and the tax liabilities of businesses.

Let us now consider the potential damage that this choice will do further down the road by disincentivising saving. Earlier this year, research by Scottish Widows found that 39% of people in the UK are not on track for a minimum lifestyle in retirement, which is a 4% increase since 2023. Research showed that people were actually saving more towards their pension in the last year, but projected retirement income was still failing to keep pace, given the rising cost of living.

--- Later in debate ---

[Madam Deputy Speaker]

I call the Liberal Democrat spokesperson.

[Charlie Maynard]

I will let it pass from here.

Question put, That the Bill be now read the Third time.

Point of Order: Rectification Procedure

Debate between Charlie Maynard and Caroline Nokes

Thursday 18th December 2025 Commons Chamber

[Charlie Maynard (Witney) (LD)]

On a point of order, Madam Deputy Speaker. In response to a recommendation by the Committee on Standards, I would like to apologise to the House for failing to register several interests within the 28-day period set by the House. They included my receipt of pro bono legal advice to support my intervention, at the High Court and subsequently at the Court of Appeal, in the sanctions hearing of Thames Water Utilities Ltd’s restructuring plan. Nor did I appreciate that I should have registered an informal arrangement with a family member to use her London flat without charge while I was staying in Westminster. I also owned and subsequently sold shares in a Vietnamese company that exceeded the threshold for registration. Finally, I failed to update my entry in the Register of Members’ Financial Interests when my role as a councillor at West Oxfordshire district council ended.

Those failures were a result of my own errors. I am grateful to the Committee for recognising that I neither gained nor sought to gain any advantage, and that I acted honestly in repeatedly drawing the commissioner’s attention to failings as I identified them. I fully accept that those are breaches of rule 5 of the code of conduct. I apologise to the House and commit to take a more diligent approach to the registration of my interests in future.

[Madam Deputy Speaker]

I thank the hon. Member for his point of order and for giving notice of it. I remind the House that Members may seek advice on the code of conduct at any time from the Parliamentary Commissioner for Standards and from the Registrar of Members’ Financial Interests. There will be no further points of order on this issue.

OBR: Resignation of Chair

Debate between Charlie Maynard and Caroline Nokes

Wednesday 3rd December 2025 Commons Chamber

[Madam Deputy Speaker (Caroline Nokes)]

I call the Liberal Democrat spokesperson.

[Charlie Maynard (Witney) (LD)]

On behalf of my party, I thank Richard Hughes for his service. We respect his resignation. I also thank Laura Gardiner, Professor Ciaran Martin and Huw Stephens for the very quick turnaround of the investigatory report on the leak. In that report, the point is made that, unlike all other IT systems and services, the OBR’s website is locally managed and outside the gov.uk network. That decision was made, apparently, to ensure the OBR’s full independence from the Treasury. Will the Minister soon report back to the House with a timeline for decisions—between now and the OBR’s next report in spring 2026—on how these matters will be managed in future? Will he provide an outline of how the OBR website will be operated so that it is secure and maintains appropriate separation from the Treasury?

Small Modular Nuclear Reactor Power Station: Wylfa

Debate between Charlie Maynard and Caroline Nokes

Monday 17th November 2025 Commons Chamber

[Madam Deputy Speaker (Caroline Nokes)]

I call Liberal Democrat spokesperson.

[Charlie Maynard (Witney) (LD)]

New small modular reactors have real potential to help reduce our reliance on foreign gas and bring down energy bills, as well as bringing a welcome boost to jobs and investment in Anglesey. SMRs should be where the focus is when it comes to nuclear, not big, expensive nuclear power stations that cost multiples more and take far longer to build.

The Liberal Democrats are pleased to see SMRs coming forward as part of a mix of cost-effective and safe decarbonised power generation, but will the Government please confirm that they will also maintain focus on boosting wind and solar power generation in order to bring down everyone’s energy bills? My hon. Friend the Member for Thornbury and Yate (Claire Young) has been working closely with constituents who will now be disappointed that the alternative site of Oldbury has not gone forward, so can the Minister clarify what the future is for that site?

Taxes

Debate between Charlie Maynard and Caroline Nokes

Wednesday 12th November 2025 Commons Chamber

[Charlie Maynard]

Let us talk about trade—

[Madam Deputy Speaker (Caroline Nokes)]

Order. When the hon. Gentleman makes an intervention, he should do that via me, facing the Chair and not the Back Benches.

[Charlie Maynard]

Let us talk about trade, Madam Deputy Speaker. I find it extraordinary if we look at the future. I think it was Stephen Bush in the Financial Times who talked about the permanent lobotomy that the Tory party needs to have when talking about Brexit. If we are talking about getting money into the Exchequer, let us get our economy moving again and get growth back into the economy. Let us open up a customs union with Europe and get our economy growing. Let us look to the future.

Industrial Strategy

Debate between Charlie Maynard and Caroline Nokes

Thursday 12th June 2025 Commons Chamber

[Madam Deputy Speaker (Caroline Nokes)]

Order. I can run this only until 2 pm, so can questions and answers be brief, please?

[Charlie Maynard (Witney) (LD)]

I thank the Chair for his leadership; we enjoy being under it. To focus on one thing, energy costs are causing havoc around the country, leading to many companies going to the wall. Does he think this emergency should be to dealt with by cutting energy costs, dealing with the distortions between gas and electricity, and giving better access to manufacturers so that they can get the power they need?

Sewage

Debate between Charlie Maynard and Caroline Nokes

Wednesday 23rd April 2025 Commons Chamber

[Charlie Maynard]

I thank my hon. Friend, and, yes, I absolutely do.

Ofwat is also failing to innovate. It appears to do little, if anything, to push companies to do this. This is so critical because, if we are going to increase capacity in sewage treatment works, there are many better ways of doing so. There is a host of new technologies out there from leak detection, pipeline monitoring and predictive maintenance equipment to trenchless pipe repair and pressure management technologies. Yet I have heard from firms in my constituency that it is easier to sell sewer technology solutions in the US and Europe than in the UK. This is where the issues of the dire state of water companies’ finances and the sewage scandal intersect, because companies cannot make basic repairs, let alone properly innovate and improve, when so much of their revenue is going straight out of the door in interest payments.

The previous Government have a lot to answer for. It was on their watch that dumping sewage in our rivers and lakes reached record levels, as water companies piled up billions in debt. All the while, bosses rewarded themselves with generous bonuses for mismanagement and failure on so many levels. Many people who work so hard in those companies suffered under that mismanagement.

There is only so much point in looking backwards. What I am appalled by is that the new Government, who came into power with promises to get tough with the water companies and sort out the scandal, have so far shown themselves to be about as tough as Ofwat. The Water (Special Measures) Act—by the way, I say to the hon. Member for North West Leicestershire (Amanda Hack) that it was not voted on by us—was, well, just about nothing. Government Members and Conservative Members rejected a whole host of basic common sense steps, proposed as amendments, which could have made the legislation genuinely impactful. I will give some examples.

[Madam Deputy Speaker (Caroline Nokes)]

Order. I would just like to suggest that the hon. Gentleman bring his remarks to a close rather than give us some examples, because we want to hear from the Minister. He has 30 seconds at most.

[Charlie Maynard]

I will make that three. Thank you very much, and over to you.

[Madam Deputy Speaker]

Over to her. [Laughter.] I call the Minister.