Thames water won't bill you using the meter till you ask them to, if there is only a couple of people living at your house it's worth having the meter , the white thing is probably a protective plug that came with the meter although I haven't seen one before.
Even with 5 people in our house (3 of them women) we still save money after going on to a water meter. The garden, however, is dried up and dead and the cars are filthy. Don't know what the white thing is.
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