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Ofwat, the UK water regulator, says it wants household bills cut by an average of £50 by 2025.
The move is part of its approval of a massive investment plan for water companies, which will spend £51bn in the next five years.
It wants water companies to cut water lost to leaks by 16%.
“Now water companies need to crack on, turn this into a reality and transform their performance for everyone,” said Ofwat chief executive Rachel Fletcher.
The framework, which comes into effect on 1 April 2020, has been hammered out over the course of this year. The draft determinations were set out in July.
Building work will include a new reservoir in Hampshire and the construction of a pipeline connecting water supplies from North Lincolnshire to Essex, said the regulator.
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