Water Industry: Financial Resilience
Debate between Rebecca Pow and Khalid Mahmood(10 months ago)
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Rebecca Pow
Privatisation has enabled clean and plentiful water to come out of our taps. It has unlocked £190 billion of funding to invest in the industry. That is the equivalent of £5 billion annually, and is double what we had pre-privatisation. I am not saying that there is not still a lot of scope for improvement. I have stood at this Dispatch Box many times, as has the Secretary of State, to say that some actions of water companies are completely unacceptable. That is why we have introduced the storm overflow plan and our plan for water.
Mr Khalid Mahmood (Birmingham, Perry Barr) (Lab)
As two Members have said, funding and loans to the water companies are a huge issue, as that is where they have paid their dividends from. On shareholders, we have foreign investors taking huge amounts of money away from this country, and we need better fund managers who are able to assess where they put their money. They should be held accountable, too.
Ofwat has not been doing what it is supposed to do. I believe that the chief executive of Ofwat applied for a job at Thames Water. That shows what the companies are doing and how Ofwat works with them—rather than scrutinising them, people are looking for the next job. We have to stop that and stop my constituents paying more for water. They need decent water in their homes and in the environment around them. That is what we want the Government to ensure. This Tory policy has failed for years.
Rebecca Pow
I am not sure what the question was. We want the same things: value for customers, and clean and plentiful water. We want to hold the water companies to account. We want them to invest the money needed to deliver the right services. That is why we have a plan for water, our targets and the measures in the Environment Act. It is why the regulator Ofwat has taken all the actions I mentioned to increase the transparency of water companies and to ensure that money is not being paid out if there is any environmental impact or performance negativity.
Draft Persistent Organic Pollutants (Amendment) (EU Exit) Regulations 2022
Debate between Rebecca Pow and Khalid Mahmood(1 year, 5 months ago)
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Rebecca Pow
I will write to the hon. Member with the detail so that we get it correct. She needs the exact details, so I will get back to her about the 2012 regulations and their treatment under the ongoing regime of the Retained EU Law Bill. I think that is the best way to leave that, so that she gets a satisfactory answer.
Of course, under the Retained EU Law Bill, we will be going through all the laws and retaining everything that needs to be retained. We will also look at whether some laws need tweaking, altering or changing, and make sure that we have a whole regime that is bespoke to us.
I thank the hon. Member for Coatbridge, Chryston and Bellshill. As he recognised, we have worked very effectively on the draft regulations across all the devolved Administrations.
I think I am going to leave it there. I thank all hon. Members who have taken part in the debate—
Mr Khalid Mahmood (Birmingham, Perry Barr) (Lab)
Before the Minister sits down, will she take into account all the questions asked by my hon. Friend the Member for Walthamstow and get back to Committee about them? Obviously, there has not been time to answer them all, but I hope that the Minister will address them all. She may want to refer to Hansard later to get all the details.