Member

The Minister may say that this is going to be covered by guidance, but the evidence shows that we need more than it being subsumed in general words outside the Bill. It is central to the issue and the mess that the Bill seeks to remedy. Unless we put this specific requirement in the Bill, it will, over time—just as happened in the years post privatisation—enable similar problems to evolve: problems that are now all but overpowering some water companies. Not to do this would be irresponsible, and above all would show that we have learned nothing from the sorry tale of some water companies and the importance of regular and comprehensible reviews of the evolution, or indeed revolution, of their financial structuring. As a minimum, it is an aide-mémoire, a marker that such matters are not possible to quietly put through under the radar of the regulators, investors and consumers.