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UK's Burnham drops Thames Water administration plan, The Times reports
Creditors led by London & Valley Water are offering a private rescue plan as the government weighs administration for the debt-laden utility.
- Prime Minister Andy Burnham has shelved plans to place Thames Water into special administration, citing prohibitive costs and legal risks. Whitehall sources indicate the government is examining alternatives.
- Thames Water has struggled with underinvestment since its 1989 privatization, serving around 16 million customers while saddled with around £20bn of debt. The company estimates government injection of around £2bn would be required during an 18-month special administration.
- A creditor consortium proposed a rescue package in July featuring a decade-long transformation and a government "golden share." Former Yorkshire Water chief executive Nicola Shaw and former BT Openreach boss Clive Selley were nominated as non-executive directors.
- SNP Environment, Food and Rural Affairs spokesperson said Burnham has "only been in office for a month and he is already breaking his promises." Families in Scotland save £107 on annual water bills compared to Labour-run England.
- Housing Secretary Matthew Pennycook said the government is taking "no options off the table when it comes to Thames Water," as officials evaluate solutions while rejecting claims that nationalization was ruled out. Further work continues on potential alternatives.
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Burnham shelves Thames Water administration plans over costs
Andy Burnham has paused plans to take public control of Thames Water over fears that it could saddle the taxpayer with a bill running into the billions of pounds. The Prime Minister had been considering putting the struggling utility into a special administration regime (SAR), which would allow the government to take partial control of the company until a buyer was found. Burnham had made greater public control of utilities one of the cornersto…
·London, United Kingdom
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UK's Burnham drops Thames Water administration plan, The Times reports
British Prime Minister Andy Burnham has shelved plans to put struggling utility Thames Water into administration amid concerns about the cost and the legal risk involved, the Times reported on Monday.
·London, United Kingdom
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Total News Sources5
Leaning Left1Leaning Right2Center2Last UpdatedBias Distribution40% Center, 40% Right
Bias Distribution
- 40% of the sources are Center, 40% of the sources lean Right
40% Right
L 20%
C 40%
R 40%
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