The proposition under discussion was: How does regulation of the UK water industry need to change in the new economic and environmental climate? The participants were Regina Finn, CEO, Ofwat; Ian Barker, Head of Water, Environment Agency; Janet Wright, Co-author, Cave Review; Dan McCarthy of Black & Veatch; Anne McIntosh MP, Chair, All Party Parliamentary Water Group; Tony Ballance, Director, Strategy and Regulation, Severn Trent Water; Jean Spencer, Director of Regulation and Executive Director, Anglian Water; Mark Braithwaite, CFO, Thames Water; Belinda Oldfield, Director of Regulation, Scottish Water. Chairing the debate was Bob Baty, former Executive Director, South West Water.

Most participants agreed that climatic, economic and social changes mean the current regulatory system may no longer be able to ensure the levels of performance the industry has achieved since privatisation in 1989. Other key points included:
- Competition has a role to play in meeting the new challenges, but it is not a panacea.
- There is a need to raise customer awareness about the economic, social and environmental value of water.
- Clarity is required about legislators’ long-term goals for the water sector.