L

Lord Cromwell (CB)

Speaking in the House of Lords on 17 June 2026

Debate

Thames Water

Contribution

I agree with the Minister that debt overburdening of the company was a major cause of its problems. She has heard me call many a time for the new regulator to have the proper understanding of financial engineering, which the current Ofwat team simply did not have. That enabled the companies to get away with this. I underline this again because it was a simple inadequacy of understanding of financial engineering that enabled this situation to occur.

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