The eminent panel of engineers warn the time has come to build smaller but more evenly distributed water storage facilities across the UK.

It also calls for the phased introduction of compulsory water metering, with social tariffs to protect the poorest in society.

The Institution of Civil Engineers State of the Nation: Water report calls for a top-level ‘Water Security Taskforce’ to be set up to deliver an integrated roadmap to water security by spring 2014.

It says changing pricing structures to reflect the true value of water will be crucial.

The working party says the industry must take a more collaborative approach to investment in new infrastructure.

Chair of the ICE Water Panel Michael Norton said there is no silver bullet solution.

“We are a populous nation facing a growing gap between what we can supply and what our water users need. Sadly it’s only when hose-pipe bans are inflicted on us that the public has any glimpse of this reality.

“We have a valuable opportunity while water is in the forefront of the nation’s minds to impress on the public the real value of this resource and we mustn’t squander it.

“The changes ICE is recommending will require some upheaval to current regulations as well as firm decisions on how to forecast future demand, but once done we would see the effect relatively quickly.”

He added that potable water was so affordable that there was little public appetite for recycling water in the home, however using this ‘grey water’ to flush the toilet alone could reduce domestic water usage by a third.