House of Commons · Written Ministerial Statement
Price Review 2024 Final Determinations
19 December 2024 · Department for Environment, Food and Rural Affairs
Proposed by Steve Reed Lab Co-op Streatham and Croydon North
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- The final determinations for Price Review 2024 published by Ofwat are addressed, highlighting the significant investment needed in the water sector.
- The Labour Government pledges to enforce regulations that prevent funds intended for investment from being used for bonuses or shareholder payouts.
- An Independent Commission is to be established to conduct a comprehensive review of the water sector.
Issue summary
The statement addresses the final determinations for Price Review 2024 published by Ofwat, focusing on the high level of investment required in the water sector and the need to ringfence funds to prevent misuse.
Action requested
The Labour Government will ensure that money earmarked for investment is spent on improving services rather than bonuses and shareholder payouts. They will also introduce new regulations and penalties through the Water Special Measures Bill, launch an Independent Commission to review the water sector, and provide support for customers struggling with bills.
Key facts
- Ofwat has published their Final Determinations for Price Review 2024.
- £104 billion of investment in water companies over five years (2025 to 2030).
- The Water Special Measures Bill will ban bonuses for water bosses if environmental standards are not met and bring criminal charges against lawbreakers with new penalties including imprisonment.