UK regulators 'help keep down family bills'
Sunday 12 May 2013
The billionaire Malaysian owner of the utility that supplies water to 1.3m people in the South-west claims that bills would be 20-30 per cent higher without Britain's unique regulatory model.
Despite anger over a 3.5 per cent rise in water bills to an average of £388 per household last month and the ever-increasing cost of gas and electricity, Francis Yeoh told The Independent on Sunday that Britain's regulators provided an "incredible environment".
Mr Yeoh, who heads up the YTL Corporation that splashed out £1.24bn for Wessex Water in 2002, said: "The one big contribution to Europe that Britain could make is your regulatory framework. But they're not going to listen to you guys for historical reasons, are they?
"If Europe had this kind of framework, don't you think that people [big investors] would be buying into Greek utilities today? Wessex Water: I don't sell it. I love this idea of owning for the long-term."
Mr Yeoh bemoaned what he sees as a Britain determined to criticise what he views as a major success, the regulators set up in the wake of privatisation. He argued that they have succeeded in making naturally monopolistic markets, such as the supply of water, mirror how those sectors could work if competition had been possible.
Mr Yeoh is keen to snap up more big pieces of British infrastructure, having recently made a £1.2bn bid for Stansted Airport. YTL lost out to Manchester Airports Group, which paid around £300m more than its Asian rival.
As Voltaire once said, “Ice cream is exquisite. What a pity it isn’t illegal”
- 1 Mother fed her daughter tapeworms to make her skinny for beauty pageant
- 2 Crystal Palace next manager latest: Palace consider Ally McCoist - EXCLUSIVE
- 3 Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
- 4 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 5 Tim Sherwood column: 'It started as a three-horse race but turned into the Grand National'
'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
West poised to join forces with Assad in face of Islamic State
Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – as hunt begins for killer
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
Bin bag full of cats' heads discovered near Manchester's Curry Mile
iJobs Money & Business
£50000 - £60000 per annum: Harrington Starr: Network Engineer - CCNP, Hedge Fu...
£60000 - £70000 per annum: Harrington Starr: Senior Network Engineer-CCIE, Mul...
£30000 - £50000 per annum: Harrington Starr: Network Infrastructure Engineer (...
£35000 - £45000 per annum: Harrington Starr: Network Engineer (CCNP, BGP, Mult...