- Environment Secretary Steve Reed has confirmed the abolition of water regulator Ofwat as part of a major overhaul of the "broken" water industry.
- The new system will consolidate water functions from four different regulators into a single, powerful body.
- Mr Reed criticised water companies for prioritising £85bn in shareholder payouts since privatisation over essential infrastructure investment, leading to record sewage pollution and soaring bills.
- The changes are based on Sir Jon Cunliffe's report, which also recommended removing regulatory roles from the Environment Agency and Natural England.
- Sir Jon warned that water bills are projected to rise by almost a third by the end of the decade due to necessary investment in ageing infrastructure.
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