Ofwat boss denies failing to regulate water firms despite huge debts
The head of Ofwat has denied failing to police water firms, despite admitting companies’ records on pollution “must change” and that they should not have been allowed to rack up huge debts. Speaking to the Environment, Food and Rural Affairs (Efra) Committee of MPs, David Black said firms need to make “changes across the board” but he “wouldn’t agree” that the regulator has failed. Mr Black said: “The issues around public anger over storm overflows, sewage discharges, concerns about companies’ corporate behaviours, very clearly signal the need for change.” The privatised water companies have faced growing outrage over vast amounts of sewage pollution and steep planned hikes to bills, while paying large bonuses to directors and dividends to investors. In the most extreme case, Thames Water has piled up debts of more than £16 billion and is seeking another £3 billion loan to bail the business out. If it fails to get the financing it needs, it could collapse and meawould need to be ...