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Severn Trent’s customers will see their average combined bills remain at around £1 a day, at £358, among the cheapest in the country for another year.

For less than £1 a day, more than eight million people across the Midlands will get all the fresh water they need delivered straight to their taps and all of their waste water taken away. At the same time, the company also has plans to invest more than £6bn in new and existing assets over the next five years to make its service even better.

Over the next five years, the company will also increase its support for tens of thousands more customers who are least able to afford their bills, with a range of measures from water saving devices to payment plans or reduced levels for 199,000 people.

Liv Garfield, Severn Trent’s Chief Executive, said: “For less than £1 a day, our customers will be able to enjoy all the clean water they need for washing, cooking and cleaning, while we also take away all of their waste water without them even noticing.

“At the same time as ensuring our bills remain great value for money, we’ll also be investing more than £6bn in a whole range of schemes to make our service even better. We also believe that, by investing in new pipes and reservoirs, and by helping clean up our rivers, we’re building a lasting legacy for generations to come while doing the right thing for our customers.”

Individual bills will vary depending on a number of factors, including the size of the home, or whether it has a meter or not.

The company is nearing the end stage of its £300m project to improve resilience for Birmingham’s water supply and its £60m scheme to upgrade the water and sewer systems in and around Newark, which were two of its biggest schemes over the last five years.