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Lord Tyrie (Non-Afl)

Speaking in the House of Lords on 29 January 2025

Debate

Thames, Yorkshire and Northumbrian Water: Ofwat Proposed Fines

Contribution

By any standards, Ofwat’s performance has been shocking, and over a good number of years—in fact, the worst regulatory failure we have had since the regulators who supervised banking throughout the banking crisis. Jon Cunliffe was asked to investigate this last October, and we are told that he will take at least a year to report, but he has only just started to take evidence. Can we at least have an interim report to get some early progress on reform of the water industry and better performance out of Ofwat?

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