We are metred too, everyone is on the Isle of Wight. I don't know if it's cheaper, but we are more careful with water because we are metred. I turn the tap off when brushing teeth, don't flush the toilet if I get up during the night or if it's just DD doing a wee in the potty etc. that's why we used our baby bath for over 2 years too so that we didn't have to fill a big bath all the time.
I personally think it would be fairer for everyone to have a meter, don't see why it should be any different to electric or gas.
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