Too much rain costs water company dear

This summer's wet weather has cost Severn Trent millions of pounds, despite giving its reservoirs a welcome boost.

The water company said this morning that the unusually high rainfall through July and August significantly cut demand for water. It now believes full-year revenues will be around £12m less than previously expected.

One in four Severn Trent customers is on a water meter, according to Citigroup, so its income suffers if people are less inclined to water the garden, wash the car or fill the paddling pool.