Water White Paper Debate
Full Debate: Read Full DebateDepartment: Department for Environment, Food and Rural Affairs
Charlie Maynard
Main Page: Charlie Maynard (Liberal Democrat - Witney)Department Debates - View all Charlie Maynard's debates with the Department for Environment, Food and Rural Affairs
(1 day, 9 hours ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Emma Reynolds
I agree with my hon. Friend that it is unacceptable. These companies should respect both the spirit and the letter of the law. As I have said, Ofwat is considering what further action it can take to ensure that these companies obey the law that this House passed last year.
Charlie Maynard (Witney) (LD)
I welcome the White Paper and thank the Secretary of State and her team for their work. I am keen to understand how it will work in practice. As the Secretary of State will know, Thames Water’s largest equity shareholder wrote down its shareholding to zero in May 2024, so the equity is widely regarded as worthless. That leaves the debt, three quarters of which is held by the London & Valley consortium, the class A creditor. Does she agree that, given that the equity is worthless, leaving only the debt, the consortium obviously has material influence over the company?
Emma Reynolds
I am sorry, but I cannot get into the specifics of Thames Water at what is quite a sensitive moment. What I can say is that it is financially stable, but the Government are prepared for all eventualities, including a special administration regime if one were needed, but I cannot go into the detail of what is happening.