A cross-party group of MPs has urged the government to intervene in the financial crisis at Thames Water, demanding an end to negotiations with the US hedge funds currently overseeing the struggling utility. The company, burdened by £20 billion in debt and managed by a consortium of distressed-debt investors, faces calls for emergency legislation to allow public control of its finances and prevent further collapse. With pressure mounting on the prime minister, the MPs argue that direct government intervention is necessary to stabilise operations and address mounting concerns over the firm’s stability. The report highlights the urgency of breaking from private sector oversight to restore confidence in the company’s future.
Efra committee calls for emergency legislation enabling government to take public control of the company Andy Burnham is under further pressure to take control of ailing Thames Water from a cross-party group of MPs who are calling for ministers to break off talks with the US hedge funds who are effectively running the company.Adding their voices to demands that the prime minister takes public control of the company, which has debts of £20bn and is being controlled by a group of 100 hedge funds and distressed-debt investors, the MPs said in a report that ministers should consider emergency legislation to take control of its financial affairs to stabilise the company. Continue reading...
