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In the stock markets, the FTSE 100 is just under the 9000 points mark heading towards the end of the week, while bitcoin remains above $120,000. US stocks rose on Thursday with Microsoft edging closer to a $4tn market cap, following Nvidia which reached the milestone earlier this month.
Elsewhere, there continues to be reaction to Rachel Reeves latest growth plans, including getting more people investing and loosening red tape for businesses.
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The Independent
6 minutes ago
- The Independent
Landmark review calls for Ofwat to be scrapped in favour of powerful single regulator
The water regulator should be scrapped and replaced with a single body to restore trust in the beleaguered industry, a landmark review has concluded. Ministers should ditch Ofwat and simplify the system with a powerful regulator looking at every area, according to the Independent Water Commission's final report. The report, led by former Bank of England deputy governor Sir Jon Cunliffe, recommended far-reaching changes to the way the water system is regulated as it called the current landscape "fragmented and overlapping". In its 88 recommendations, scrapping Ofwat in favour of one powerful regulator is the most significant change to the sector. It also advised removing the regulatory roles of the Environment Agency and Natural England, which monitor the sector's impact on nature, such as companies illegally dumping sewage into waterways. The current system has faced intense criticism for overseeing water companies during the years they paid out shareholders and accrued large debts while ageing infrastructure crumbled and sewage spills skyrocketed. Following the publication of his report, Sir Jon warned water bills will rise by almost a third by the end of the decade. He told BBC Breakfast: "Bills are going to rise by 30% over the next five years. There are some inescapable facts here. The cost of producing water and dealing with our wastewater is going up. Climate change, higher environmental standards, demographic pressure, the population is going up. Just that need to renew ageing infrastructure. "The problem comes when you suddenly go from not investing for a long period, to massive investment, in order to catch up. That's really what's driven those huge bill increases that we've seen. "We need to help the most vulnerable, we also need to smooth that over a long period so that people can cope with the higher costs of water. And the regulators have a really important job in squeezing efficiency, incentivising the companies to be more efficient." Environment secretary Steve Reed on Sunday said Ofwat was 'clearly failing', in a sign he will accept the recommendation to axe it. He will also create a new, legally binding water ombudsman, expanding the role of the voluntary Consumer Council for Water and bringing the sector into line with other utilities. And over the weekend, Mr Reed committed to halving sewage pollution in England's rivers by 2030 thanks to a £104 billion investment from the sector in upgrading infrastructure. Other recommendations from the commission include stronger consumer advocacy, nine new regional water authorities to deliver on local priorities, significant improvements to environmental regulation and tighter oversight of company ownership and government. The regional authorities - eight in England and one national authority in Wales - would see current planning responsibilities devolved and resources from regulators transferred to ensure investments reflect local priorities and voices. It comes after nearly nine months of the commission analysing, researching and engaging with more than 50,000 responses to its call for evidence. Sir Jon said: "Restoring trust has been central to our work. Trust that bills are fair, that regulation is effective, that water companies will act in the public interest and that investors can get a fair return. "Our recommendations to achieve this are significant. They include the management of the whole water system, regulation of the water industry, the governance and financial resilience of water companies and a stronger voice for local communities and water customers. "In this report I have considered what is best for the long-term future of water. "This is a complex sector with a highly integrated system, responsible for the second-largest infrastructure programme in the UK. "Resetting this sector and restoring pride in the future of our waterways matters to us all."In countless conversations in the last nine months I have been struck by the urgent need and passion for change."Doing this will require hard work, strong leadership and sustained commitment. But it can and must be done." The report also shares recommendations on implementation, including which reforms can be delivered in the short term and which require new primary legislation. In a speech responding to Sir Jon's report later on Monday, the Environment Secretary is set to welcome the commission's recommendations to ensure "the failures of the past can never happen again".
The Sun
7 minutes ago
- The Sun
Water bills to rise by another 30% in next 5 years as damning report calls for regulator Ofwat to be SCRAPPED
WATER bills are set to soar by 30 per cent over the next five years — as a damning review today called for regulator Ofwat to be scrapped. Sir Jon Cunliffe, who led the probe, said households are paying the price for years of underinvestment and warned 'massive' upgrades are now needed. 2 2 He told the BBC there has been a "really huge" rise in bills and they are going to rise by another 30 per cent in real terms. His report out today recommends scrapping Ofwat and replacing it with a single, 'powerful' regulator to fix what he called a 'fragmented and overlapping' system. The former Bank of England bigwig slammed the existing mess of regulators – and said only a 'joined-up' and 'powerful' single body could fix it. His long-awaited review said it was time to abolish Ofwat – which sets bills and oversees spending – and scrap the Drinking Water Inspectorate, as well as strip the Environment Agency and Natural England of powers. Sir Jon warned: 'Restoring trust has been central to our work. Trust that bills are fair, that regulation is effective, that water companies will act in the public interest.' He added: 'This is a complex sector... responsible for the second-largest infrastructure programme in the UK. Resetting this sector and restoring pride in the future of our waterways matters to us all.' The 217-page report – ordered after public fury over sewage spills, soaring bills and sky-high exec bonuses – calls for a massive overhaul not seen since privatisation. Environment Secretary Steve Reed piled in on Sunday, admitting: 'Ofwat is clearly failing.' Instead of several overlapping bodies, nine new local water authorities – eight in England, one in Wales – would deliver projects that match local needs and give communities a louder voice. Sir Jon's review said the shake-up must also bring tighter rules on bosses and owners, with better protection for customers and the environment. It comes as Mr Reed prepares to unveil a new legally binding water ombudsman, expand the Consumer Council for Water, and bring the system into line with other utilities. He will today say the report is a wake-up call to make sure 'the failures of the past can never happen again.' Over the weekend, the Environment Secretary vowed to halve sewage pollution by 2030 using £104 billion of investment. Tory Victoria Atkins warned Labour must be 'transparent' about what replaces Ofwat – but accused the party of copying old Tory ideas. The final report follows nine months of digging, with over 50,000 public responses helping to shape it.
Reuters
7 minutes ago
- Reuters
Carmaker Stellantis sees half-year net loss of $2.68 billion, hit by tariffs
July 21 (Reuters) - Automaker Stellantis ( opens new tab expects a net loss of 2.3 billion euros ($2.68 billion) for the first half of 2025, it said on Monday, as it forecast an initial hit of 0.3 billion euros from U.S. import tariffs on its half-year results. The group also sees net revenue of 74.3 billion euros, down 12.6% year-on-year, as overall second-quarter shipments fell by 6% compared to last year, to an estimated 1.4 million vehicles, it said in a statement. ($1 = 0.8595 euros)
