“Holding companies to account and protecting customers is at the heart of what we do. That’s why we’ve made sure bills will fall five per cent by 2020 and companies will deliver more. We will carefully consider the thoughts of the PAC.
“PAC’s comments on gains relate to decisions Ofwat made six years ago. Since 2012, we’ve stressed that customers are having a really tough time, and stepped in to claw back £435m from companies. We then challenged companies to reduce bills further, resulting in £3billion of savings, which will mean bills fall 5% in real terms over the next five years. Service will continue to improve and we will have kept bills below inflation over two decades.
“Yet it’s no time for complacency. We’ve made changes so that companies become more transparent and resilient. And plan more changes to help create a sector customers can trust. That means making companies more efficient, more accountable and much better at responding to what customers want.
“In the last decade, we have clawed back £800m from companies’ shareholders, where they have let customers down. If companies don’t step up, we’ll step in.”