My hon. Friend makes a powerful point. Time denies me the opportunity to go into the issue in great detail, but I know that my hon. Friend the Member for South Swindon has been looking at it with considerable concern, because his constituency, like that of my hon. Friend the Member for Wycombe (Steve Baker), is in the Thames sewerage area.
We need to look at how we can beef up Ofwat and give it greater powers in the Water Bill to say, “There’s been a favourable adjustment, so we can adjust and
revisit the settlement on an ongoing basis.” If it had those powers, it would be able to have a stronger conversation with the water industry. That is worth considering. It would also be worth looking at allowing Ofwat to give guidance to the water industry on appropriate and responsible corporate governance.