May I begin by welcoming the Prime Minister to his first questions as Prime Minister? I associate myself with his remarks about the soldier in Kent, and, of course, send my wishes to the British Olympians.

At Combe in my constituency, Thames Water pumped sewage into the River Evenlode for over 2,600 hours last year. Thames Water was allowed by Ofwat to withdraw £7 billion in dividends, yet now wants to jack up my constituents’ bills. I welcome the water Bill in the King’s Speech, but does the Prime Minister agree with my constituents and me that the system is broken, and will he now commit to scrapping Ofwat and replacing it with a tougher regulator that will finally put people and planet ahead of water company profits?