Latest news with #CatherineFookes
The Independent
18 hours ago
- Business
- The Independent
Government will not be lenient with Thames Water creditors, suggests Reed
Environment Secretary Steve Reed has suggested that the Government will reject calls from Thames Water creditors for leniency from fines and penalties. Taking questions in the Commons on Tuesday, Mr Reed said the Government had 'stepped up our preparations and stand ready for all eventualities', amid Thames Water's search for a rescue plan. The troubled utility company's lenders put forward proposals to pump cash into it. But they have also demanded leniency from regulators over performance targets and fines for environmental failings. The creditors argue that without regulatory leniency, the utility's 'pollutions, asset health deterioration, and customer service levels are likely to worsen'. Labour MP for Monmouthshire, Catherine Fookes, told the Commons: 'I am really concerned by reports of Thames Water seeking regulatory easements. 'Can the Secretary of State assure me that this Government will continue to crack down on water pollution from all sources, including in the Wye and the Thames and all across the UK?' Mr Reed replied: 'The Government will always act in the national interest on these issues. 'Thames Water must meet its statutory and regulatory obligations to their customers and to the environment. '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 a special administration regime if that were to become necessary.' It comes after US private equity giant KKR recently pulled out of a rescue deal to inject much-needed cash into Britain's biggest water supplier, which has 16 million customers and is sinking under £19 billion of debt. The move threw the future of Thames Water into doubt once more and raised the threat of temporary nationalisation by the Government if a deal cannot be agreed. A Thames Water spokesperson said: 'Thames Water is committed to improving outcomes for the environment and its customers. 'We are investing billions of pounds in our network and any recapitalisation of the business will need to ensure that is maintained for the benefit of all our stakeholders. 'Our focus remains on a holistic and fundamental recapitalisation, delivering a market-led solution which includes targeting investment grade, credit ratings.' The creditors are the bondholders who now effectively own Thames Water after the High Court, earlier this year, approved a financial restructuring through a loan of up to £3 billion to ensure it can keep running until the summer of 2026. As part of their plans, the creditors would commit to spending £20.5 billion over the next five years, as agreed under the current five-year plan with Ofwat. But they are calling for a 'pragmatic approach' to regulation – including 're-basing incentives and performance targets' – and 'realistic levels of compliance'. It is understood they have been holding intensive talks with regulator Ofwat in the hope of securing approval for their deal in early July. A spokesman for the creditors said: 'Broad regulatory support is needed to unlock a market-led solution for Thames Water that will secure billions of pounds in fresh investment for its aging network, allowing a world class leadership team to start the intensive turnaround and deliver better outcomes for customers and the environment. 'This investor group is committed to working with the Government and regulators to agree a pragmatic plan that recognises what Thames Water can realistically deliver and they expect to be held accountable for an ambitious trajectory for the company's return to compliance. 'More than £10 billion would be written off to get the company back to investment grade, expected to be the largest financial loss on an infrastructure asset in British history.'
Yahoo
18 hours ago
- Business
- Yahoo
Government will not be lenient with Thames Water creditors, suggests Reed
Environment Secretary Steve Reed has suggested that the Government will reject calls from Thames Water creditors for leniency from fines and penalties. Taking questions in the Commons on Tuesday, Mr Reed said the Government had 'stepped up our preparations and stand ready for all eventualities', amid Thames Water's search for a rescue plan. The troubled utility company's lenders put forward proposals to pump cash into it. But they have also demanded leniency from regulators over performance targets and fines for environmental failings. The creditors argue that without regulatory leniency, the utility's 'pollutions, asset health deterioration, and customer service levels are likely to worsen'. Labour MP for Monmouthshire, Catherine Fookes, told the Commons: 'I am really concerned by reports of Thames Water seeking regulatory easements. 'Can the Secretary of State assure me that this Government will continue to crack down on water pollution from all sources, including in the Wye and the Thames and all across the UK?' Mr Reed replied: 'The Government will always act in the national interest on these issues. 'Thames Water must meet its statutory and regulatory obligations to their customers and to the environment. '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 a special administration regime if that were to become necessary.' It comes after US private equity giant KKR recently pulled out of a rescue deal to inject much-needed cash into Britain's biggest water supplier, which has 16 million customers and is sinking under £19 billion of debt. The move threw the future of Thames Water into doubt once more and raised the threat of temporary nationalisation by the Government if a deal cannot be agreed. A Thames Water spokesperson said: 'Thames Water is committed to improving outcomes for the environment and its customers. 'We are investing billions of pounds in our network and any recapitalisation of the business will need to ensure that is maintained for the benefit of all our stakeholders. 'Our focus remains on a holistic and fundamental recapitalisation, delivering a market-led solution which includes targeting investment grade, credit ratings.' The creditors are the bondholders who now effectively own Thames Water after the High Court, earlier this year, approved a financial restructuring through a loan of up to £3 billion to ensure it can keep running until the summer of 2026. As part of their plans, the creditors would commit to spending £20.5 billion over the next five years, as agreed under the current five-year plan with Ofwat. But they are calling for a 'pragmatic approach' to regulation – including 're-basing incentives and performance targets' – and 'realistic levels of compliance'. It is understood they have been holding intensive talks with regulator Ofwat in the hope of securing approval for their deal in early July. A spokesman for the creditors said: 'Broad regulatory support is needed to unlock a market-led solution for Thames Water that will secure billions of pounds in fresh investment for its aging network, allowing a world class leadership team to start the intensive turnaround and deliver better outcomes for customers and the environment. 'This investor group is committed to working with the Government and regulators to agree a pragmatic plan that recognises what Thames Water can realistically deliver and they expect to be held accountable for an ambitious trajectory for the company's return to compliance. 'More than £10 billion would be written off to get the company back to investment grade, expected to be the largest financial loss on an infrastructure asset in British history.'
South Wales Argus
13-06-2025
- Business
- South Wales Argus
Call to use rail investment to fund Magor Walkway Station
The investment, which forms part of the UK Government's latest spending review, is seen as a pivotal moment for Welsh railways. It is expected to fund significant transport upgrades throughout the country. Catherine Fookes MP, John Griffiths MS, Monmouthshire County Council leader Mary Ann Brocklesby and other local councillors are keen for part of this funding to be channelled towards the development of a station in Magor. Ms Fookes said: "Wales was starved of rail funding under the previous Conservative government and so this investment is long-overdue. "A new train station in Magor and Undy will have a huge positive impact on Monmouthshire. "I'll be doing everything I can to ensure a share of this investment goes towards finally delivering the station." The hope is that a station would deliver greener travel, better transport links and boost the local economy through improved access to jobs and services. Mr Griffiths said: "Magor Walkway Station has overwhelming local support and would bring huge benefits to our communities. "I've worked alongside campaigners for years and this investment gives us the best opportunity yet to make the station a reality." Ms Brocklesby added: "Magor Walkway Station is a project with strong community backing from local councillors, residents, and campaign groups. "I'll continue working with Catherine, John, and all partners to make sure Monmouthshire sees the benefit of this long-overdue rail project.'
South Wales Argus
13-05-2025
- Politics
- South Wales Argus
Monmouth MP attends VE Day celebrations across county
Catherine Fookes, Member of Parliament for Monmouthshire, marked the 80th anniversary of Victory in Europe Day with a series of commemorative visits across the county. On Thursday, she visited Abergavenny for a special VE Day ceremony organised by Peter Farthing and the local Royal British Legion. The service featured the unveiling of a new commemorative veterans' bench, created by Black Mountain Gates and Key2Shoes, and a wreath-laying ceremony at the Cenotaph. Ms Fookes said: "It was a real privilege to attend this moving ceremony. "It was particularly special to see D-Day veteran Mel Hughes there, a true local hero who recently celebrated his 100th birthday." She also paid tribute to Wendy from the Abergavenny Library Knit and Natter group, who single-handedly created a commemorative crochet display for the occasion. (Image: Catherine Fookes) (Image: Catherine Fookes) (Image: Catherine Fookes) (Image: Catherine Fookes) Later in the day, Ms Fookes visited Rogiet for another ceremony with veterans and local councillors, before concluding the evening at St Mary's Church to attend a Quarter Peal Bell Ringing service. On the weekend, she joined residents at a VE Day Street Party at Chepstow Drill Hall. Earlier in the week, Ms Fookes spoke in Parliament to honour Monmouthshire's veterans and reflect on the county's military history. She mentioned the service of David Edwards and Tom Griffiths, both of whom have a school named after them in Mondrainville, France, and marked the 110th anniversary of the Second Battle of Ypres, where the 3rd Battalion of the Monmouthshire Regiment suffered nearly 700 casualties. She said: "I also took the opportunity to recognise our vibrant Royal British Legion branches in Abergavenny, Caldicot, Chepstow, Monmouth, and Usk, and to thank individuals like Peter Farthing, who works tirelessly for Monmouthshire's veterans." (Image: Catherine Fookes) (Image: Catherine Fookes) "I want to thank Monmouthshire County Council and their Armed Forces Champion Peter Strong for organising. "These events gave us all a chance to pause and reflect - we owe a huge debt of gratitude to all those who have served and who continue to serve our great country and who allow us to live in peace."
South Wales Argus
03-05-2025
- Politics
- South Wales Argus
Catherine Fookes MP visits Caldicot Joint Cadet Centre
Catherine Fookes MP paid a visit to Caldicot's new Joint Cadet Centre (JCC), which is part of the Reserve Estate Optimisation Programme (REOP) in Wales. The centre aims to modernise cadet infrastructure and provide efficient, future-ready spaces for both army and air cadets. The new building stands in place of the former Army Cadet Force facility on Mill Lane, which was demolished to make way for the £1.2million bespoke centre. The MP also had a tour of the new building, which features high-tech equipment, including a flight simulator, which she had a go on. Ms Fookes said: "It was fantastic to visit the new cadet centre and speak to the cadets. "I even had a go on the flight simulator, flying over Monmouthshire. "The cadets are extremely talented, enthusiastic, and clearly have bright futures ahead of them." While at the centre, which is being touted as an investment in Caldicot's youngsters, Ms Fookes spoke with cadets about their experiences, career goals, and what being a cadet means to them. She also provided them with an insight into politics as she answered questions about her role as Monmouthshire's MP.
