Water White Paper

Debate between Emma Reynolds and Bobby Dean

Wednesday 21st January 2026 Commons Chamber

[Emma Reynolds]

I am always happy to meet with hon. Friends, as my hon. Friend well knows, but Sir Jon met many stakeholders and members of the public and we had 50,000 responses to the Independent Water Commission. It is right that the Government now get on with things, set the direction and lay the foundations for the water White Paper. I disagree with him on introducing more regulation. We need a regulator with more teeth and more powers to enforce the law as it stands, and that is what we are getting on with.

[Bobby Dean (Carshalton and Wallington) (LD)]

I welcome many of the measures in this White Paper. More regulation will help, but—let’s be honest—it does not get to the heart of the problem: the failure of the privatisation of the water industry. We need to be talking about ownership, but that is absent from the White Paper. I have heard the conversations in the Chamber today about nationalisation, and I agree with the Secretary of State. There would be some drawbacks to a model of nationalisation. It would put substantial liabilities on the book and would put sewerage infrastructure investment up against investment in schools and hospitals in every Budget. But there is another model, which the Liberal Democrats are putting forward: the co-operative or mutualisation model. Will the Secretary of State take that into serious consideration?

[Emma Reynolds]

This Government care deeply about mutuals. We have pledged overall to double the number of mutuals. I do not have a problem with mutual ownership. The problem I have is that the Liberal Democrats have not got a plan together.

Financial Services Reform

Debate between Emma Reynolds and Bobby Dean

Wednesday 16th July 2025 Commons Chamber

[Madam Deputy Speaker]

I call a Treasury Committee member, Bobby Dean.

[Bobby Dean (Carshalton and Wallington) (LD)]

The Chancellor announced quite a list of reforms yesterday. I note that many were on the shopping list of industry, so the Committee will examine them closely to make sure they also work for the consumer and for the long-term stability of the economy. One change in particular, on ringfencing, will worry those with strong memories of the 2008 financial crash. The shadow Economic Secretary indicated that perhaps we need to look at removing the ringfencing entirely. That would be a big step backwards. These reforms were driven by the Liberal Democrat Vince Cable, and the idea was to separate everyday customer deposits from the risks of investment banking. Will the Minister give us assurances that the hard-earned savings of families across the country will not be put at risk by the speculative activity of people playing with other people’s money?

[Emma Reynolds]

It is always a great pleasure to come and give evidence to the hon. Gentleman’s Committee. I reassure him that the Government are upholding the ringfencing regime. We must strike the right balance between protecting financial stability and safeguarding depositors. Equally, we think that there are some flexibilities that should be explored within the ringfencing regime that will allow further growth and further capital to be deployed in the real economy.