Thames Water nationalisation moves closer as government ‘objects to rescue deal’
Summary
The UK government is objecting to a £10 billion rescue plan for Thames Water because it might unfairly affect customers. The plan would let creditors take control of the company and avoid fines, moving Thames Water closer to public ownership or nationalisation.Key Facts
- The UK environment secretary raised concerns about a £10 billion rescue plan for Thames Water.
- The rescue deal would let creditors inject cash and avoid new fines for four years despite sewage leaks.
- Thames Water serves about 16 million people in London and southern England.
- The company has £17.6 billion in debt and is near financial collapse.
- The government must choose between temporary nationalisation or accepting the creditor-led rescue deal.
- Elliott Investment Management, a hedge fund led by billionaire Paul Singer, would partly control Thames Water under the deal.
- Labour politician Andy Burnham supports public ownership of water companies, including Thames Water.
- Thames Water was privatised decades ago, and private owners increased its debt significantly.
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