Earth bonding is the process of ensuring that pipework in a property is connected to your main earth terminal. If your gas or water pipes become live outside of your property the earth bonding provides a low resistance path for the electricity to flow to the ground.
Yes, because in the event of any pipework becoming live, it can be life saying.
When a test is carried out on your electrical installation and it is found that the water and/or gas services are not bonded this will result in the test being a fail.
To adhere to the wiring regulations, an adequate bonding conductor must be installed and connected to the pipework.
The only exception to this regulation is if your mains water pipe entering your property is of plastic construction.