Ministers stepping up preparations for renationalisation of Thames Water
The environment secretary, Steve Reed, has said the government is stepping up preparations for temporary nationalisation of Thames Water, indicating it will reject pleas from the company's creditors for leniency from fines and penalties.
Thames Water's largest creditors control the utility, and have made a bid to cut some of its debts and provide £5.3bn in new funding to try to turn it around.
However, the creditors have said their plan needs considerable leniency from Ofwat, the government's water regulator for England and Wales, and the Environment Agency over fines for environmental failings. The Guardian this month revealed that the creditors had asked for immunity from prosecution for serious environmental crimes in return for taking on the company.
Reed on Thursday told parliament that Thames Water must meet its statutory obligations, after being asked about possible 'regulatory easements'.
'Thames Water must meet its statutory and regulatory obligations to their customers and to the environment,' he said. 'It is only right that the company is subject to the same consequences as any other water company.
'The company remains financially stable, but we've stepped up our preparations and stand ready for all eventualities, as I've said before, including special administration regime if that were to become necessary.'
Sign up to Business Today
Get set for the working day – we'll point you to all the business news and analysis you need every morning
after newsletter promotion
More details soon …
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BreakingNews.ie
37 minutes ago
- BreakingNews.ie
Nigel Farage as British PM would put Irish unity ‘centre stage'
Former Taoiseach Leo Varadkar said that Irish unity would become 'centre stage' if Reform UK leader Nigel Farage was elected UK prime minister. Mr Varadkar, who stood down as Taoiseach in April last year, said it is possible Mr Farage will be prime minister in four years or nine years time. Advertisement He described British politics as 'very volatile'. Former taoiseach Leo Varadkar said that planning for a united Ireland should be under way. Photo: Brian Lawless/PA. Reform made big gains in local elections in England and Wales in May. Mr Varadkar told BBC Northern Ireland's The View programme, which will be aired on Thursday night, that he hoped Mr Farage is not the next British prime minister. The former Fine Gael leader said if the Reform leader became prime minister, it would 'change the pictures in terms of attitudes towards independence in Scotland'. Advertisement 'I think it would change the views of some people in the middle ground in Northern Ireland (towards Irish unity),' he said. 'It isn't just because a right-wing nationalist government in London would want to bring the UK and Northern Ireland away from Europe. It is other things as well.' He also claimed that councils run by Reform in England were preventing people from flying Pride or progress flags. Reform UK leader Nigel Farage speaks during a press conference at Church House in Westminster, London. Photo: Jeff Moore/PA. Mr Varadkar added: 'I don't think most people in Northern Ireland would like that. Advertisement 'If that's the kind of government they had in London versus a government in Dublin that was very different, it might make them more likely to vote yes to unification,' he added. 'I do want to be very clear about this, it's not something I hope happens. 'I hope it doesn't happen.' Mr Varadkar said he believes planning for a united Ireland should be happening, but that a date should not be fixed as the numbers to win are not in place. Advertisement He added: 'I don't think a united Ireland is inevitable, I think it's something that we have to work towards. 'But I think there are a lot of factors that would suggest that we're on that trajectory. 'Demographic factors, polling, even the most recent numbers showing that a very clear majority of younger people in Northern Ireland want there to be a new united Ireland.' 'I think that will carry true, and that's why I think it's something that we should plan for.' Advertisement Ireland Kallas criticised over 'clear lack of understandin... Read More He said Irish unity will not happen 'by osmosis or by accident'. 'I think (it) has to be worked towards. I think those of us who believe in it have a duty to make the case for it,' he added. 'Look at the trajectory, and that is clear. We see it in elections. We see it in opinion polls. We see it in demographics.'
Reuters
an hour ago
- Reuters
UK government gives go-ahead for BayWa solar project
LONDON, June 19 (Reuters) - The British government has given development consent to a 140 megawatt (MW) solar farm in South Derbyshire in England, the UK's Planning Inspectorate said on Thursday. The Oaklands Farm solar park, which is being developed by renewable energy developer BayWa ( opens new tab, will also have up to 37.5 MW of battery storage capacity. The project will generate enough renewable power to supply around 35,000 homes, BayWa said in a separate release. Construction, which is expected to cost around 80 million pounds ($107 million), will start in 2026. ($1 = 0.7449 pounds)
Reuters
an hour ago
- Reuters
Bitcoin Cloud Mining Gets Retail Investor Boost in 2025 as VNBTC Rolls Out New Daily Profit Plans
LONDON, United Kingdom, June 19, 2025 (EZ Newswire) -- VNBTC, opens new tab, a leading cloud mining platform, is rapidly growing by making mining accessible, secure, and rewarding for individuals without the need for costly hardware or technical expertise. As the global bitcoin mining landscape shifts with billion-dollar expansions from mining magnates like Holmes' M2, an increasing number of retail investors are discovering an alternative path to earning crypto through cloud mining. 'While institutional mining companies push the boundaries of scale, many everyday users want a simpler, greener way to build crypto wealth,' said a VNBTC spokesperson. 'That's where cloud mining shines — especially with platforms like VNBTC that offer free cloud mining and flexible plans tailored to different budgets.' Why Cloud Mining Matters in 2025 The bitcoin ecosystem continues to evolve amid rising energy costs, increased regulatory scrutiny, and growing demand for sustainable crypto solutions. Large-scale operations like M2 are expanding aggressively, yet the barrier to entry remains high for most individual investors. Cloud mining platforms such as VNBTC democratize access by eliminating the need for personal mining rigs, electricity costs, or maintenance. VNBTC Platform Features VNBTC's Top Mining Plans: Flexibility Meets Profitability VNBTC offers a diverse selection of mining plans designed to cater to every type of investor—from absolute beginners to experienced crypto enthusiasts. Whether you want to test the waters or maximize your returns, there's a plan to suit your needs. By offering a range of plans, VNBTC empowers users to scale their mining activity as their confidence and capital grow. Whether you're looking for a low-risk introduction or aiming for higher yields, VNBTC's flexible options make cloud mining accessible and profitable for everyone. Growing Community and Supportive Ecosystem VNBTC not only offers mining plans but also encourages users to build passive income through a lucrative referral program, rewarding up to 3% commission on direct referrals and 1.8% on indirect ones. Additionally, their global bounty program empowers crypto enthusiasts to earn by promoting VNBTC's services creatively across social media and content platforms. How to Get Started in 3 Simple Steps 'As mining giants scale up, the opportunity for retail investors is bigger than ever,' explains the spokesperson. 'VNBTC is committed to helping people from all walks of life tap into the crypto revolution — safely, simply, and profitably.' About VNBTC VNBTC is a pioneering cloud mining platform dedicated to democratizing crypto mining worldwide. Combining cutting-edge technology with user-friendly interfaces and transparent operations, VNBTC provides a seamless experience for mining Bitcoin, Ethereum, Dogecoin, and more—without the technical hassle or hardware costs. For more information, visit opens new The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining and staking involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Media Contact James ### SOURCE: VNBTC Copyright 2025 EZ Newswire See release on EZ Newswire
