Ofwat to be abolished, minister confirms in major overhaul of Britain's ‘broken' water industry
Steve Reed said the water industry is "broken" and has been allowed to fail under a "regulatory system that let them get away with it".
Speaking in south-west London, he said: "Our rivers, lakes and seas are polluted with record levels of sewage."
Mr Reed blamed soaring water bills for straining household finances and warned that poor infrastructure is holding back economic growth.
He thanked Sir Jon Cunliffe and his team for their "outstanding" report and said he would give a fuller response in the Commons this afternoon.
"Water companies have been allowed to profit at the expense of the British people," he said.
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