Steve Reed

Steve Reed

Labour (Co-op) — Streatham and Croydon North

Speaking in the House of Commons on 23 October 2024

Debate

Independent Water Commission

Contribution

I have, of course, already taken action myself. I had the water chief executives into my office just seven days after the general election, and we agreed a programme of initial reforms, including ringfencing customers’ money that is earmarked for investment, so that it cannot be diverted and spent on undeserved multimillion-pound bonuses or dividend payments. We also have the Water (Special Measures) Bill going through the House of Lords right now, which will ban the payment of those undeserved bonuses. It is important that we understand exactly what has gone wrong in the sector that has led to a situation where regulation does not meet the requirements of the public, businesses, the economy or the environment. Key proposals will be coming out of the commission on those issues, and I hope the hon. Lady will welcome them when they come forward.

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