Tim Farron

I pay tribute to the Minister and the Bill team from the Department for Environment, Food and Rural Affairs who are in the Chamber, as well as to all my colleagues who sat on the Committee for what was a genuinely enjoyable and collegiate experience. I hope they will forgive me for making a few criticisms in the next few minutes. We tabled 44 amendments in Committee, but only 34 today, you will be delighted to know Madam Deputy Speaker—[Interruption.] I know—I am failing. I will not speak to all of them for blindingly obvious reasons. We tabled those amendments because we in the Liberal Democrats, humbly yet enthusiastically, have taken on the mantle in this place and beyond of being the voice for many thousands of campaigners, volunteers and citizen scientists who continue to lead the way in exposing the failures and injustices in the water industry, and fighting for meaningful change. We are immensely grateful to those people all across the country. Our water industry has become a money-making vessel for speculators, who appear to care little for the quality of our rivers, lakes and seas—something I can tell the House is a source of great fury in England’s precious Lake district. The water companies have accumulated £70 billion in debt since privatisation, while still managing to pay out £83 billion in dividends. That is more than a third of the total spent on infrastructure during that time. In the last year, water companies paid out £9.3 million in executive bonuses, and Thames Water’s bonuses doubled to £1.3 million that year. Money leaks out of the industry, infrastructure is failing, and it is our constituents who pay the price. Meanwhile the regulatory framework has failed utterly and is not fit for purpose. As I speak, £164 million in fines has been levied against water companies by Ofwat, following an investigation that began four years ago, of which it has so far failed to collect a single penny.