BREAKING NEWS: Water Bills to Soar for Millions as Appeal Upheld
Millions of households in England will face even higher water bills after the UK's competition regulator upheld an appeal by five major water companies.
The Competition and Markets Authority (CMA) has allowed Anglian, Northumbrian, Southern, Wessex, and South East water companies to raise their prices by an average of 3 more than previously announced. This means that households will have to pay significantly higher bills from now on.
The CMA had received appeals from the five companies, which serve over 7 million customers, arguing that the original price rises set by Ofwat were not enough to cover infrastructure investment costs. The regulator has agreed to increase prices to allow for an additional £556m in revenue.
This decision comes after a review of the water companies' financial plans and investment proposals. The CMA had appointed independent experts to assess the companies' requests, which included a total of £2.7bn in extra revenue. However, only 21% of this amount was approved.
The immediate impact will be felt by households across England, with higher bills expected from now on. The water companies have been given permission to implement these price increases as soon as possible.
This is a developing story and we will provide further updates as more information becomes available.
*This is a developing story. Updates will be provided as more information becomes available. Based on reporting from Bbc.*
