A LABOUR government must replace “failed” Ofwat, the GMB conference heard today.

Thames General delegate Cliff Roney said the water regulator has done nothing to stop substantial bonuses for water bosses while their privatised firms pollute the country’s waterways.

Moving the motion with a fat-cat balloon on the podium, he said: “These can often be found stalking the Stock Exchange for prey.

“In 1999, thanks to Margaret Thatcher, they found the water companies, and since that time they have taken £57 billion in share dividends, bonuses and wages to CEOs.

“Hopefully these fat cats will become extinct with the help of a new regulator and Labour government.

“Labour says it will give Ofwat more powers. We say no: get rid of Ofwat, start again. What is needed is a new regulatory body with the right kind of focus, one that doesn’t allow the continuation of greed-driven profiteering but ensures full and proper investment of the industry’s infrastructure, workforce and consumers.”

Mr Roney said it was disgusting that Ofwat’s chief executive receives between £145,000 and £164,000 a year while being in charge of a failed regulator that has overseen Britain’s biggest water provider, Thames Water, accrue £15.6bn in debt.

Last month more than 600 homes in Surrey were told not to drink their tap water after tests carried out by Thames Water.

The government has been considering renationalising the firm, which had no debt when it was taken out of public ownership in 1989.

Seconding the motion, London Region delegate Steve Davies said: “The regulator has failed in its duty to regulate water companies for over 30 years while allowing fat-cat owners and shareholders to drain financial resources.”