Jerome Mayhew

The profit motive does promote efficiency in innovation, because companies want to minimise their costs and therefore maximise their profits. It also provides access to capital in the manner that I have described, because there are rights issues as well as the recirculation of water bills. It is right that that is the foundation of the business, but it is not the only access to capital, whereas with public ownership, as we are very aware this week, there are limited funds. We cannot borrow forever. We have what I think are described as iron-clad fiscal rules, which we have heard a bit about recently. We know that this Government, and all Governments, are constrained in their ability to borrow and spend, and that they have other priorities, so we will never get a big budget for water if it is in public ownership. The Bill has generated a huge amount of interest. I thoroughly agree with elements of it, particularly on nature-based solutions, which build on the “Plan for Water” published by the last Government in 2022. If the Bill proceeds, there are areas that I would like to discuss and develop in Committee, but I will not detain the House any further on them now. I look forward to the progress of the Bill.