I'm not sure that the reopened Committee enquiry is going to find anything that they did not know before. They were told several times, albeit in "Corporatespeak", that BW would pull the plug on the Cotswold Canals.
For example, in the enquiry evidence is a letter from the BW Chairman (Tony Hales) to the late (un)lamented Barry Gardiner (Waterways Minister) on 20th April 2007.
"Moving to the Cotswolds, I included this in my letter as this is the most sensitive restoration scheme in which we are involved....BW would have been reluctant to carry the risk [of cost overruns] in the current scheme with or without grant cuts. The grant cuts leave no scope for the Board to carry that risk."
Which means (with apologies to "Dragon's Den") - "we're out!"
The Mon and Brec can be viewed as either the last straw or an excuse. Either way, DEFRA were informed in writing almost a year ago that, as a result of grant cuts, BW could not afford to continue with the CC project in its current form.
However, they might possibly ask why BW were involved at all, never mind as Lead Partner, in a project where they were retrospectively "reluctant" to accept risk. Any competent business manager will evaluate the risk in a deal before it goes ahead and not wait until the deal is done to decide he doesn't like it.
I wonder how funding bodies like the HLF will view projects involving BW in the future? It seems to me that there will be a certain lack of credibility.