Lib Dem MPs are calling for reforms to water industry following Thames Water fines

A group of Liberal Democrat MPs across the Thames Valley are calling for reforms to the water industry which includes scrapping the current regulator Ofwat.

They want to see Thames Water be turned into a public benefit company, criticising the supplier for “failing to deliver for their customers”, and have echoed calls to scrap Ofwat.

It follows the news that the water company has been fined £122.7 million pounds, due to breached rules over sewage spills and shareholder payouts.

MP for Henley and Thame, Freddie van Mierlo says “it means reforming the system entirely”.

Speaking to Greatest Hits Radio, Mr van Mierlo said: “We need to completely change how we run our water system, and that means introducing a proper regulator through a clean water authority and creating public benefit companies that would run the water industry in the interests of residents, not shareholders.”

He added: “Ofwat has failed historically over the past 20 years, allowing Thames Water to build up a huge debt burden, an unmanageable debt burden.

“It's clear that they're not up to the job with the current powers that they have, and that's why we need a new regulator as part of a new system to get a handle on this crisis.

These MPs in the Thames Valley region have released a joint statement:

Joshua Reynolds (Maidenhead), Clive Jones (Wokingham), Lee Dillon (Newbury), Layla Moran (Oxford West and Abingdon), Olly Glover (Didcot & Wantage), Sarah Green (Chesham & Amersham), and Freddie van Mierlo (Henley & Thame)

The statement reads: "This is shocking but hardly surprising. Thames Water has been failing for years; failing to invest, failing to maintain, and failing to deliver, and all the while it has been dumping sewage in our rivers and waterways. It has saddled customers with its debts and provided them with shoddy service in the meantime.

"This should be the final nail in the coffin for Thames Water. It needs to be turned into a public benefit company and Ofwat needs to be scrapped and replaced with a real regulator with teeth."

Following the record fines handed to Thames Water, a spokesperson said: "We take our responsibility towards the environment very seriously and note that Ofwat acknowledges we have already made progress to address issues raised in the investigation relating to storm overflows.

"The dividends were declared following a consideration of the Company's legal and regulatory obligations.