Water Companies: Borrowings

Lord Wallace of Saltaire Excerpts

Monday 5th September 2022 Lords Chamber

[Lord Goldsmith of Richmond Park (Con)]

I am deeply worried about it. As I said, I do not pretend for a second that we do not have a problem with pollution; we do. Incidentally, this is not a UK problem but one that affects countries across the European Union. But I also said, rightly, that this Government are the first to take these steps. There is now a legal requirement for those companies to take action; that did not exist before. Our plan will require water companies to deliver the largest ever infrastructure programme, with £56 billion of capital investment over 25 years. If it is followed through, the plan will protect biodiversity, the ecology of our rivers and seas and the public health of our water users for generations to come. As I said, we now have the tools to do this, but of course it is for future Governments, including this one, to ensure that they are used to their maximum.

[Lord Wallace of Saltaire (LD)]

My Lords, the Government make great play of being on the side of the people in their opinions, as opposed to the dreadful establishment. From opinion polls over last few months, it is very clear that the popular will is in favour of reversing privatisation. Do the Government intend to stand against the people’s will on this or to go along with it against the establishment?

[Lord Goldsmith of Richmond Park (Con)]

We very much share the overwhelming view of the population of this country that more action needs to be taken to protect not just the health of our waters but the resilience of supply. This goes back to the question asked by my noble friend. But we do not believe that nationalisation is the answer: it would place an enormous financial burden on the taxpayer and would not deliver anything like the level of investment that we have seen in recent years.