00:00I agree with Sir John that water regulation has been too weak and too ineffective.
00:08Having four separate regulators with overlapping and conflicting remits
00:13has created a merry-go-round that has failed customers and the environment.
00:21Ofwat has failed to protect customers from water companies' mismanagement of their hard-earned money.
00:28So today I can announce that the Labour government will abolish Ofwat.
00:37In the biggest overhaul of water regulation in a generation
00:41we will bring water functions from four different regulators into one.
00:48A single powerful regulator responsible for the entire water sector.
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