My Lords, at Second Reading I said I was green with envy that the environmental regulators will now have the Bill rather than the legislation that I had to deal with as chairman of the National Rivers Authority when I was in almost continual friendly conflict—I emphasise the word “friendly”—with Ian Byatt the economic regulator. It was so friendly that I have two cartoons at home, which were sent to me by a notable newspaper, showing both of us in the boxing ring. In the first, we are engaged in a vigorous fight, and the second shows us collapsing together exhausted at the end of the exchange. We have made huge progress since then, and the existing sustainable development duty, as I understand it, is now being given statutory authority in the Bill. The clear steer that has been provided by the Government is now being given statutory effect in the Bill. As I understand it, Ofwat now has sustainable development as a central objective. It will have to take account of that. It will have to carry out its functions in accordance with the strategic priorities and objectives identified by the Secretary of State.
So while I entirely understand and, indeed, sympathise with the arguments advanced by the noble Lord, Lord Redesdale—and perhaps it is because we have made such a huge advance from the position with which I had to deal when the economic regulator just did not think he had any obligations to provide for the environment and blocked almost every proposal that
came from Europe or from us—I would like my noble friend to clarify what is to be gained or lost if we accept the proposition put forward by the noble Lord, Lord Redesdale, over what we have already in the Bill. I find it very difficult to understand exactly what benefit we would gain. If there is nothing to be lost by including it, I would not be against including it. Against the background of a huge step forward having been taken, I am seeking from my noble friend clarification of the benefits and possible downsides of having this written into the Bill in the way proposed.