Speeches by Dollimore.

“You have just spent an hour outlining that process, and we are not going to go back into it now, but it was very unclear how you decided to proceed.”

“They would still be making a return; it would just be less.”

“We do not actually know that they would not invest because you have been very limited in the bids that you have proceeded with. It has not been an open process with others who wanted to take part in the process. I just do not think this stacks up.”

“The scheme as it was designed on 4 November at that point applied to both the CEO and the CFO, so it did cover the individuals targeted by the Water Special Measures Act. Therefore, it would seem very obvious to those looking at this from the outside, that this was designed to circumvent that policy. But you actually h…”

“Why do you not just get the extra from the creditors? Why do they not just take a bigger haircut?”

“If you are asking for carve-outs to the rules that say you need to fix certain pipes by certain deadlines, how is that going to fix those pipes any quicker?”

“The people who live outside London will probably feel they are quite important and essential to fix too.”

“You are asking for all water companies to be let off fines, effectively.”

“Just to be really clear, on behalf of your creditors, you are asking to be let off the penalties for not doing the investments you have promised you will do as part of price reviews. How is that going to fix the problem?”

“But can you answer the question, Adrian? You have said in your accounts today you think this will take 10 years to fix. Is it therefore correct to say that Thames is lobbying Ofwat and the Government to be let off fines for 10 years?”

“Can you define regulatory easements? We are talking about fines being cancelled.”

“Have you written to any Ministers outside DEFRA to ask to be let off the hook from fines?”

“Many taxpayers will find it extraordinary that Thames Water wants a special exception; it wants to be let off the hook from £1.4 billion of fines. Why should you get a special exception?”

“Just DEFRA, no other parts of Government?”

“That is the estimation of figures over the next few years that you have provided in your evidence to us for both the EA and Ofwat fines.”

“Why do you think you deserve a special exception to fines that every other water company has to comply with? How would you justify that to billpayers and our constituents?”

“Chris, you have spoken extensively about how Thames has this requirement for a regulatory reset, by which you mean you are asking the regulator to write off fines and not apply them to Thames Water. You say you have had discussions with Ofwat about this. Have you—or anyone acting on behalf of Thames Water—lobbied anyon…”

“You have spoken about that, and that will be in your submissions to the Independent Water Commission.”

“I am not asking you the reasoning; I am asking you if you— or anyone acting on behalf of Thames—have lobbied anyone else besides Ofwat. We can come on to the reasoning in a minute.”

“Is that a yes or a no, Chris?”