UK Telecoms, Water Firms Removed From Utilities Bill

Dec. 28, 2000
Stephen Byers, Britain’s trade and industry secretary, announced the removal of provisions covering telecommunications and water companies from his utilities regulation bill, which aims to link directors' pay to performance of their companies. It will also cut power bills by up to 10 percent. Government sources said a large number of telecommunications companies, including Orange, Vodafone Airtouch, Cable and Wireless, wrote to Byers arguing that the bill would undermine technological innovation.As for the water companies, Byers said the Department of the Environment, Transport and the Regions will bring forward regulation measures in a draft water bill later in the year.(Source: Reuters)