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)