My Lords, as of 31 March this year, water companies have reported total borrowing of £57.6 billion. Privatisation of the water sector has delivered around £170 billion of investment through private finance and this country would not have seen that level of investment if the water industry was in public ownership. Holding a licence to provide an essential public service of this sort is a privilege. Governments and regulators have high expectations of water companies and of the financial behaviours of their owners and investors.