UK water pollution alarm/ Government launches reform. Consumers will pay 36% more
Britain should overhaul its water regulatory system by creating a single, powerful body and replacing the current regulator Ofwat, to better protect consumers and the environment, an official report has said.
The Labour government has ordered a review of the privatised water industry in England and Wales after record sewage spills into rivers and lakes sparked outrage among citizens.
The sector's largest company, Thames Water, is struggling to avoid collapse under its debt pile and has said it is likely to face £1.4bn in fines and penalties for pollution over the next five years.
Former Bank of England deputy governor Jon Cunliffe, who led the review, said the current, separate financial and environmental regulation of the sector had failed and financial regulator Ofat should be replaced.
The review considered creating a new regulatory system where water companies can collect enough money through bills to rehabilitate their assets, investors can receive long-term and sustainable returns, and environmental impact can begin to improve.
Britain's water infrastructure needs more than £100 billion of investment in the next five years to cope with population growth and climate change, with consumers expected to face bill increases of an average of 36% over this period.
Investors were awaiting the report to see how the government could restore regulation for Thames Water, which has struggled for survival in the past 18 months, if it is to avoid temporary nationalisation.
Under Cunliffe's recommendations, the new single regulator would impose "minimum capital" requirements for investors and would also be able to block changes in water ownership if they were not considered to be in the long-term interest of the company.
To attract investment, the report said the government should provide the regulator with guidance to support stability and predictability - a reference to expected returns and the potential handling of fines for wastewater leaks.
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