@ChrisMayLA6 All good synoptic points.

Maybe what’s missing is the malicious change in responsibilities when the National Rivers Auth & the Pollution Inspectorate were combined into the Environment Agency *and* their legal powers were curtailed in the Act.

But the main thrust - the utter stupidity of expecting merchant banks to not securitise and debt-load govt-backed assets - is spot on. Chuck Ofwat on the fire next to Ofgem.