Mr Luke Charters

It is a pleasure to speak under your chairship today, Mr Pritchard. I genuinely thank the hon. Member for Westmorland and Lonsdale (Tim Farron) for securing this debate. The previous Conservative Government weakened water regulation, let our rivers fill with toxic pollution and allowed companies to pay themselves with huge bonuses while household bills soared, which was shameful. Many constituents in York Outer are disgusted by that situation. We have the beautiful Rivers Foss and Ouse flowing through our constituency. To watch both of those rivers being degraded is not only unforgivable but bewildering. The mismanagement and lack of regulation by the previous Conservative Government have created a plethora of issues. I have had constituents writing to me since I was elected about the stench of sewage seeping into Rawcliffe, water pump failures near Haxby and concerns about flood alleviation in Fulford. Although the Tories are no longer in power, those issues are not water under a bridge; they still need to be fixed. That is why today’s statement by the Secretary of State on the independent water commission is a great first step, and I am also delighted that my hon. Friend the Minister is tackling these issues at pace. At this early stage, my main suggestion is that we must take lessons from other regulated industries and regulatory failures within them when designing the future water regulation system. When I was at the Bank of England, Sir Jon Cunliffe was highly regarded, so I warmly encourage him to look at the areas where there has been disjoin in the financial services regulator, and we should move to a centralised, smart regulator. For me, that involves looking at scrapping and replacing Ofwat. Perhaps Sir Jon could publish an interim view on that suggestion. Although it is great to see so many people engaged in today’s debate, it is still frustrating to see that we are here. It is clear to me that the Government are turning the tide against chronic underinvestment in our water industries. Water companies must be regulated properly and the regulators must have the power to regulate the sector adequately, which must be the goal. If we can make that happen after 14 years of Tory failure, we will soon be sailing in smooth waters.