I am sorry, the second part of the noble Baroness’s comments are ones she makes about everybody who is in the private sector. That is what she thinks about the private sector and I do not agree with her. The Polanski mechanisms of this world are devastating politically and economically and, really, I am not going to answer that because I just think it is not true and is nonsense.

However, the first part is actually quite important. The reason the Government do not want to nationalise the water companies is that it would cost a great deal of money that we ought to use for other things—and it does not necessarily end up with a better system. I am a historian: I always like to look at what happened before. When it was in the public sector and was run by municipalities, we did not spend the money. That was the problem. And we still would not do so, because there is always something better to spend the money on immediately. We are politicians; you do it for what the next moment is. The trouble with investment in water is that it is crucial, but it is long term.