Ofwat, the water regulator, has announced a draft decision on how much water companies in England can raise consumer bills over the next five years. The regulator has imposed stricter oversight on Thames Water, due to its financial crisis and £18bn debt: Thames may need to limit debt, split the company, or seek equity through public listing. Thames had requested a 40% bill hike to stabilise finances, but Ofwat allowed only 21% over five years. Ofwat’s decisions came just hours before the bosses of sixteen water companies met the new environment secretary, Steve Reed, amid rising public anger and political scrutiny over the state of the UK’s water industry, which has also caused outcry over sewage pollution. Reed's proposed measures include ring-fencing water infrastructure funding exclusively for upgrades and changing company rules to prioritise customers' interests.