Ofwat: We should have stepped in sooner to tackle debt

Ofwat’s chief executive has admitted that the regulator should have intervened in 2006 to prevent water companies becoming loaded with debt. David Black told a House of Lords inquiry that light touch approaches to regulation in the early 2000s had given private equity a route into the sector, but that Ofwat was now using “every tool” to bring high gearing levels down.

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