UPDATED 11.14AM There has been a cold response from the Prime Minister at the idea of putting a tax on our water that's being sold elsewhere.

The issue of foreign companies making a profit from water is still dogging Bill English.

Nationwide protests last week failed to sway the government. It ruled out banning the bottling of freshwater for export, or charging a higher price.

Bill English conceded something needs to change.

"We want to come up with a better system, and we're finding that it's pretty tricky," he told Mike Hosking.

However, Mr English said a tax isn't the answer.

"That would immediately raise the issue of who owns the water, and therefore who gets to get a share of the tax. You'll find that's pretty vexatious and difficult."

LISTEN ABOVE AS PM BILL ENGLISH SPEAKS WITH MIKE HOSKING