Woodford brands Ofwat 'dysfunctional'

Neil Woodford has continued his criticism of water regulator Ofwat, saying the organisation is "dysfunctional" and should be merged with electricity compatriot Ofgem.

The Invesco Perpetual head of investments says the regulator fails to understand the equity market and believes billions of pounds worth of investment was at risk because of its behaviour. Woodford told the Sunday Telegraph returns on capital were being driven down to a point where the equity market could walk away from the sector. While Woodford has been called in for a meeting with Ofgem this week to discuss the issue, he has not heard from Ofwat. "Ofwat is like a dark star, stuff goes in and never ever comes out. Ofwat keeps protesting they consult stakeholders, they don't," Woodfo...