MPs urge government to take troubled Thames Water into public control

• The Environment, Food and Rural Affairs Committee has urged the government to reject a £10 billion creditor-led rescue plan for Thames Water and take the firm into public control.
• MPs warned that the consortium of creditors, London & Valley Water, prioritises extracting immediate value over the long-term success of the utility and the environment.
• Thames Water, which serves 16 million customers, faces running out of funds by the end of the year as it struggles with a debt burden exceeding £20 billion.
• Efra Committee chairman Alistair Carmichael called for legal reforms to strengthen the Special Administration Regime, allowing earlier government intervention.
• London & Valley Water and Thames Water defended the proposal, claiming recapitalisation is the fastest way to maintain investment and address the firm's financial crisis.

IN FULL

Thames Water’s £10bn creditor rescue deal should be rejected, MPs say