Steve Reed will meet chiefs of companies including Thames Water hours after a crucial set of rulings by the industry regulator Ofwat, Sky News can reveal.
The new environment secretary has summoned the bosses of most of Britain’s water companies for urgent talks amid signs that Labour will take a tougher approach to regulating the industry.
The meeting will take place on the same day that Ofwat, the water industry watchdog, will publish draft determinations on companies’ investment plans for the next five years.
The rulings, which will be made final by the end of the year, will be closely watched by investors in the privatised industry because of their implications for the suppliers’ balance sheets.
Temporary nationalisation remains a possibility for Britain’s biggest water company, although Sir Keir Starmer’s administration has already said that it does not intend to pursue such an outcome.
In opposition, Mr Reed - now Secretary of State for the Environment, Food and Rural Affairs - pledged to push for criminal sanctions against water company executives who failed to prevent sewage contaminating Britain’s waterways.
“In the coming weeks and months, this Government will outline its first steps to reform the water sector to attract the investment we need to upgrade our infrastructure and restore our rivers, lakes and seas to good health.”
The original article contains 328 words, the summary contains 191 words. Saved 42%. I’m a bot and I’m open source!
This is the best summary I could come up with:
The new environment secretary has summoned the bosses of most of Britain’s water companies for urgent talks amid signs that Labour will take a tougher approach to regulating the industry.
The meeting will take place on the same day that Ofwat, the water industry watchdog, will publish draft determinations on companies’ investment plans for the next five years.
The rulings, which will be made final by the end of the year, will be closely watched by investors in the privatised industry because of their implications for the suppliers’ balance sheets.
Temporary nationalisation remains a possibility for Britain’s biggest water company, although Sir Keir Starmer’s administration has already said that it does not intend to pursue such an outcome.
In opposition, Mr Reed - now Secretary of State for the Environment, Food and Rural Affairs - pledged to push for criminal sanctions against water company executives who failed to prevent sewage contaminating Britain’s waterways.
“In the coming weeks and months, this Government will outline its first steps to reform the water sector to attract the investment we need to upgrade our infrastructure and restore our rivers, lakes and seas to good health.”
The original article contains 328 words, the summary contains 191 words. Saved 42%. I’m a bot and I’m open source!