Thames Water Debate
Full Debate: Read Full DebateDepartment: Department for Environment, Food and Rural Affairs
Julian Smith
Main Page: Julian Smith (Conservative - Skipton and Ripon)Department Debates - View all Julian Smith's debates with the Department for Environment, Food and Rural Affairs
(3 days, 19 hours ago)
Commons ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
Steve Reed
As I have said, the Government stand ready for all eventualities, should they be needed.
Sir Julian Smith (Skipton and Ripon) (Con)
I refer the House to my registered voluntary interest. Over a year ago, I spoke to one of the then biggest investors in Thames Water, and I was struck by the fact that they said they had never been in a room with the regulator, other investors or the Government. I know it is difficult commercially, but I urge the Secretary of State, in trying to resolve this issue rapidly, to use his good offices and do as much as possible in the background to bring all the stakeholders to the best result.
Steve Reed
I thank the right hon. Gentleman for his question; I think what he is referring to, in the round, is the failures of the regulatory system and, indeed, the regulators. He will have seen that Sir Jon Cunliffe points to exactly the same problems in his interim report, published today. As we work towards the final report, published in about a month, Sir Jon is starting to point to solutions, and I am sure he will want to pay attention to the right hon. Gentleman’s comments.