My noble friend makes an important point. Although I do not have the numbers at the tips of my fingers, it is very clear that the record levels of investment would not have happened had the sector not been privatised. We would not see anything like that level of investment if we were to renationalise the sector. Of course we care about the manner in which executives are paid, incentivised and all the rest of it, but that is why we are now able, as a consequence of the Act that noble Lords voted through, to require total transparency through Ofwat for the first time, in a way that has been lacking until now.