Earl Russell (LD)

My Lords, I thank everybody who has spoken. That was a more interesting group of amendments than I expected it to be. I apologise—at the start I should have declared my interest as a board member and director of the Water Retail Company. This has been an interesting debate. My amendment was not really about the ownership or privatisation of water—my party has a middle way on that—but about ensuring that the Government have the tools to change the behaviour and direction of water company executives. I take the Minister’s point about the £140 billion, but a lot of that is underwritten. We need that to be invested to get the change. I recognise the issues of climate change and the problems that we face, but this amendment is carefully crafted and is about adding this extra tool to the toolbox. Fundamentally, my worry is that when we create the new regulator, which I welcome, it needs to be set up to succeed and to deliver—when, frankly, no other regulator has to date delivered in this space. My worry is that fines alone may not be enough to change corporate behaviour. I do not want to come back in another five or 10 years, when the climate has moved on and the problems we face are worse, and see that more money has gone in but the systems have not changed. However, I beg leave to withdraw my amendment, and I thank all those who have spoken.