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<p>Water is devolved however Ofwat is the economic regulator for England and Wales.
At Budget 2020 the Government welcomed the NIC's report 'Strategic investment and
public confidence' and agrees with its primary finding that the UK's system of economic
regulation is working well, but it may need updating in some areas to address 21<sup>st</sup>
century challenges. The Government will respond in full to the study in due course.</p><p>Government
and regulators continue to work with the industry to ensure a strategic approach to
long term planning. Our Strategic Policy Statement to Ofwat sets out our long-term
priorities for the sector, and how we expect the water companies to deliver for consumers
and the environment. The three priorities are:</p><p>1) securing long-term resilience</p><p>2)
protecting customers</p><p>3) making markets work</p><p>The current statement came
into effect in 2017, and we are actively reviewing whether it remains fit for purpose.</p><p>In
England, the Environment Agency, Ofwat and regional groups of companies are working
together building on the existing water resource management planning process ensuring
the industry invests in the right water supply infrastructure at the right time to
meet future challenges. Similarly, the new Drainage and Wastewater Management Plans
will ensure a long-term approach to wastewater treatment and drainage infrastructure.</p><p>Ofwat
has published its future approach to regulation of the water sector in England and
Wales, in its strategy, <em>Time to Act Together</em>, and established three strategic
goals. These goals are to transform water companies' performance for customers, to
meet long term challenges through partnership and collaboration and for companies
to serve a wider public purpose by delivering more for customers, society and the
environment.</p>
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