Thames Water Debate
Full Debate: Read Full DebateDepartment: Department for Environment, Food and Rural Affairs
Calum Miller
Main Page: Calum Miller (Liberal Democrat - Bicester and Woodstock)Department Debates - View all Calum Miller's debates with the Department for Environment, Food and Rural Affairs
(3 days, 19 hours ago)
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Steve Reed
The hon. Gentleman makes a good point. Part of making the sector more investable is ensuring that we have a robust, clear and predictable regulatory framework, which is what Sir Jon Cunliffe is working towards. The hon. Gentleman may have had a chance to look at the interim report that Sir Jon published today; if he has not, I recommend it to him. That is the way we create an investable water sector and bring in the money that will allow us to fix our broken water system once and for all.
Calum Miller (Bicester and Woodstock) (LD)
I draw attention to my entry in the Register of Members’ Financial Interests. My constituent Bruno lives in Charlton-on-Otmoor. When it rains heavily, sewage flows into his garden, which is within sight of a pumping station that fails every single time. One third of bills paid to Thames Water by Bruno and other customers is used to service the company’s debt; that money should instead be invested, and should go towards improving pumping stations like the one near Bruno’s garden. Why will the Secretary of State not recognise that Thames is financially unviable, bring it into special administration, write down the debt and ensure that the future company serves the public interest?
Steve Reed
The hon. Gentleman points with a graphic example to what happens when we face the scale of regulatory failure that developed untroubled under the previous Government. That is why Sir Jon Cunliffe has brought forward his report today, which I hope the hon. Gentleman will read; I hope he will also provide Sir Jon with feedback, which he is asking for ahead of his final report in a month’s time. I remind the hon. Gentleman that the Government have helped to secure £104 billion of private sector investment by the conclusion of the price review period. That will be used to upgrade exactly the kind of facilities that he points to, which are letting down his constituents and mine, and those of everyone else in the House.