Jamie Dunkley, the Evening Standard’s City Correspondent discusses the day’s business news.
Water bills to drop
It’s a good day for consumers after the water regulator Ofwat made a decision to bring down bills.
From April 1 next year, water bills should go down by average of more than five per cent. In monetary terms, this means a price drop of around £20 from £396 to £376.
In London, Thames Water had been hoping to raise prices by 3% but Ofwat’s decision has stopped that. The average Thames Water bill will now come down from £370 to £353.
Water companies came under fire for rising bills, soaring profits and the above-inflation dividends they paid to investors.
Thames Water have argued they needed to raise bills for £4.2 billion super sewer which will replace London’s Victorian infrastructure.
Three energy companies hit with combined £4.6m fines
Ofgem has hit three energy companies, Scottish Power, SSE and GDF Suez, with a combined £4.6 million in fines after they failed to provide free insulation for thousands of households.
O2 want new £100m luxury shopping village
The owners of the O2 arena are looking for a partner who will pay over £100 million to help develop a new luxury outlet shopping village next to the Greenwich venue.