Only public ownership of the water system will solve its crisis

The water system in England and Wales is in crisis. The recent report by the Independent Water Commission led by Sir John Cunliffe recommends the abolition of Ofwat – the current regulator – to be replaced by deeper regulatory reforms. But Kate Bayliss and Gwyn Bevan argue that further regulation is unlikely to resolve the fundamental tension in the privatised water system between the interests of consumers and investors.