
Huge changes to water companies set out this week will 'make bills fair'
Water company bosses are bracing themselves ahead of a report that's expected to demand sweeping changes to the industry this week.
Ministers have told firms they must do more if they want to restore public trust - as complaints continue to rise and half of Brits feel they're being ripped off.
MPs and watchdogs have to wade through a steady stream of locals complaining about floods, burst pipes and loss of service.
In one case, a dog was left with E.coli poisoning after playing in a polluted river.
Others have seen businesses losing thousands of pounds after their water supply was unexpectedly cut off - with no compensation offered.
Environment Secretary Steve Reed is set to pledge to cut sewage pollution in half within five years - promising one of the largest infrastructure projects in England's history to clean up our rivers.
And it's thought the Government is primed to announce regulator Ofwat is to be scrapped in response to the Independent Water Commission's report, to be published on Monday.
Water Minister Emma Hardy told the Sunday Mirror only 'root and branch reform' will restore public faith in water firms.
'In 21st century Britain, clean rivers, lakes and seas should be a basic right and not a luxury, but consumers are being failed by the current system,' she said.
'We have already ended the culture of unfair bonuses for polluting water bosses and secured £104 billion of investment to begin the job of upgrading our crumbling infrastructure.
'But we know that root and branch reform is vital to put the British public at the heart of water company priorities. They must be properly run, with bills that are fair and sustainable for households.'
Monday's report, led by Sir Jon Cunliffe examined regulation, water bills and support for customers.
Environment Secretary Steve Reed said: 'Families have watched their local rivers, coastlines and lakes suffer from record levels of pollution.
'My pledge to you: the Government will halve sewage pollution from water companies by the end of the decade.
'One of the largest infrastructure projects in England's history will clean up our rivers, lakes and seas for good.'
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Daily Mirror
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Daily Mirror
2 minutes ago
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The Guardian
2 minutes ago
- The Guardian
Get early retirees off the golf course and back to work – why early retirement isn't good for UK plc
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This is a genuine concern and a subject worthy of a commission. Yet there is a need to address a far wider question, which is how society will thrive when the age pyramid is inverted, with only a smattering of young people holding up a mountain of retirees. Retirement has its origins in the Industrial Revolution and the need to prevent older people from ending their years in abject poverty, not to fulfil a bucket list of expensive desires. The commission should ask why anyone in the 21st century should think they can put their feet up seven days a week when they are fit and well, and able to participate in economic life. Yet a prosperous retirement is the aim of so many – and not only when they are approaching their 60s. If you look at the strike record of full-time university lecturers you would think they obsess about their pensions every day. Council staff spend precious hours scrolling through WhatsApp groups discussing the most mundane changes to their retirement plans with a degree of attentiveness that, to give them credit, is in line with the generosity of their benefits. Company boardrooms are no different. Executives will set aside huge amounts of time to manage their complex and stunningly generous pensions. Having a financial consultant ready and available on the phone to talk about their retirement plans has become a must-have demand in the corporate world. Maybe its the lure of sailing on the Adriatic or cruising the Caribbean that captivates so many, or less positively, the frustration and anxiety from working near, with or for incompetent or venal managers in a succession of modestly paid jobs. Still, whatever the reason, too many people want to cash out of the economy, trading their pension and property gains for a long period of rest, with only the stress of remembering what day it is to bump their heart rate. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Some economists have argued that this moment – when boomers are no longer participating in the workplace – will trigger a profound shift in the economy. Those workers still in the labour market will bid up their wages, pushing up prices and making high inflation a permanent feature. Governments will find it harder to borrow money, in part because pension funds, after decades of growth, will have a declining need to buy their bonds. There are also extra bills to pay. In its latest report on the UK, the International Monetary Fund says the effects of population ageing on health and pension costs will account for a further 8% of GDP by 2050 compared with an extra 5.5% of GDP, on average, in other advanced European economies. These are important issues connected with the nation's finances. So, too, are the ways better-off baby boomers insulate themselves. First, they take most of the pension money and invest it abroad where the gains are much higher, either because their workforces are young, dynamic and more productive or because the companies are American and enjoy monopolistic strangleholds in their respective markets. Investing abroad gives the boomer a ring-fenced income no matter how clapped out the economy they call home. The second track is to import young workers from abroad, boosting the labour supply as boomers make their exit. Financial insulation is understandable when government finances are under strain. 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