For once, the regulators are doing their job.

Rather than rubber-stamping price increases, as many of them do, Ofwat, the water industry watchdog, has done a great public service.

It has scrutinised Thames Water's demand for a 39 per cent increase in charges over the next five years, and decided it is not justified. It proposes to cut the figure to 16 per cent. Most of that will hit consumers next year.

This will be a burden for many families, already smarting from big increases in council tax, but a 39 per cent rise would have been outrageous.

Thames Water clearly has much work to do, upgrading ancient sewers and water mains and preparing for the huge amount of house building planned for the South East over the next 20 years.

The £2.7bn available for investment in the Thames region will be spread far and wide.

In the absence of any representation on the Thames board, it will up to our councillors to use their influence and make sure that Oxfordshire gets a fair share of that money.