Over the past three decades, the business of water supply in England and Wa
les has been gradually transforming from the supply of a service to citizen
s, to the sale of a commodity to customers. The paper provides a genealogy
of concepts of efficiency and equity in water regulation over the past thir
ty years, prior to evaluating the implications for water consumers of one a
spect of this process - the shift away from policies prioritizing inter- an
d intra-regional equalization (implying a principle of social equity) towar
ds policies prioritizing economic efficiency (implying a principle of econo
mic equity) in water charging. In closing, alternatives to the current arra
ngements for domestic consumers are proposed.