UK regulator proposes to cut water bills by $319 million

Oct 14 (Reuters) — UK water regulator Ofwat on Wednesday proposed to cut customers' water bills by £240 million ($318.5 million), with Thames Water and Yorkshire Water set to incur the largest penalties for under-performing on targets. ($1 = 0.7535 pounds) (Reporting by Prerna Bedi in Bengaluru; Editing by Sonia Cheema) ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;)