26/02/09
Water UK Chief Executive Pamela Taylor addressed the Water UK City Conference on 26 February 2009.
This is our ninth conference, but self-evidently none of the previous ones has been held in a global economic crisis like the present.
Something new seems to happen everyday to undermine confidence. We think we know what’s happening and where things are going. But it’s becoming clear that we can’t take anything for granted.
The past is always an uncertain guide to the future. But this is still the basic dilemma. Do we trust to what we know? Or tear up the map and set out in a different direction?
The 2009 outlook is problematic to say the least: PR09 approaching its critical points. An election clearly visible on the horizon. A global credit freeze. And a recession including deflation that’s putting heavy pressure on companies that have to fund essential investment.
All this means the business and financial world turned upside down. Hard-pressed customers. Nervous investors.
However you look at it, coping successfully is going to need some fresh thinking by the industry and regulators – the industry has done a lot of fresh thinking. And we are going to have to make hard choices.
This is true even if you agree with me that one way out of business problems is always getting the basics right.
What do I mean by the basics? Here are five which I think are relevant to the industry, regulators, government and stakeholders.
• Focus on the two groups who matter most – customers and investors – and recognising that their interests are inextricably linked.
• Build on success.
• Ensure long-term certainty for investment in the two things that matter most – quality and resilience
• Accept that we are a diverse industry.
• Encourage innovation where customers will benefit.
