Thames, Yorkshire and Northumbrian Water: Ofwat Proposed Fines Debate
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Lord Tyrie
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Thames, Yorkshire and Northumbrian Water: Ofwat Proposed Fines
Lord Tyrie Excerpts(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.