WATER watchdog Ofwat is expected to confirm price cuts this week, cheering consumers but ignoring pleas from companies which may need to cut dividends, raise millions from shareholders and slash jobs as a result. United Utilities, which supplies seven million people across the north west, has already begun a consultation period with unions over plans to axe several hundred posts in anticipation of the report by Ofwat. According to the latest consensus estimates, Warrington-based United Utilities is expected to report underlying operating profits of £367m on Wednesday for the first half of the year – virtually the same as in 2008. Deutsche Bank 's James Brand forecasts pre-tax profits of £263m, up by a modest four per cent, as prices rises and lower interest costs offset the impact of weaker sales and higher power costs.