L

Lord Thomas of Cwmgiedd (CB)

Speaking in the House of Lords on 17 June 2026

Debate

Thames Water

Contribution

One of the problems in regulation is that those who are regulated are able to pay substantially greater salaries and employ better experts. Are the Government going to look at properly funding the new regulator so that the ability of those employed by the regulator is greater than that available to those who are regulated? The financial engineering that occurred did so because those who were regulated were able to devise very clever plans which, no doubt, Ofwat did not have people able to spot. It is a common problem in regulation and one that the Government have to face up to, unpalatable though it may be.

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