Water Bill Debate
Full Debate: Read Full DebateDepartment: Department for Environment, Food and Rural Affairs
Baroness Primarolo
Main Page: Baroness Primarolo (Labour - Life peer)Department Debates - View all Baroness Primarolo's debates with the Department for Environment, Food and Rural Affairs
(10 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Sheryll Murray
On a point of order, Madam Deputy Speaker. The Secretary of State was generous with his time. I cannot understand why the shadow Secretary of State is not being as generous.
Madam Deputy Speaker (Dawn Primarolo)
Order. That is not a point of order; it is a point of debate. The hon. Lady knows full well that it is up to the person speaking to decide whether they will give way. There have been interventions. We will have to wait and see if there will be any more.
Maria Eagle
We cannot have a situation where water companies are taking strategic decisions, with the clear purpose of structuring their financial affairs in a way that leads to worrying debt and hinders their ability to invest, when their sole purpose is to minimise their tax liability. Ofwat said in March that
“the overall proportion of equity has diminished from 42.5% in 2006 to 30% of regulatory capital value today with several companies at 80% gearing, thus obtaining only one fifth of their financing from equity. This reduction is a serious concern.”