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The Earl of Effingham (Con)

Speaking in the House of Lords on 29 January 2025

Debate

Thames, Yorkshire and Northumbrian Water: Ofwat Proposed Fines

Contribution

My Lords, at Report stage of the Water (Special Measures) Bill, my noble friend Lord Cromwell successfully secured the overwhelming support of your Lordships’ House for his amendment on financial reporting by water companies. Given that many water companies are overleveraged, it is crucial that we have a laser focus on managing debt in the water sector, and the Government have indeed recognised the importance of water companies’ financial resilience. Can the Minister therefore please explain why the Government have removed my noble friend’s amendment from the Bill in the other place?

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