MPs Call for Government to Halt Thames Water Talks With Hedge Funds
Cross-party Efra committee urges ministers to consider emergency legislation for public control as utility's £20bn debt crisis deepens
A cross-party group of MPs has called on the government to break off talks with the US hedge funds effectively running Thames Water, urging ministers instead to consider emergency legislation that would allow the state to take public control of the company.
According to a report cited by the Guardian, the Environment, Food and Rural Affairs (Efra) committee said Andy Burnham is under further pressure to take control of the ailing utility, which is currently being controlled by a group of around 100 hedge funds and distressed-debt investors.
Thames Water, England's largest water and wastewater company, is reported to be carrying debts of approximately £20bn. The MPs' report adds to a growing chorus of voices demanding that the prime minister move to bring the company under public control.
The committee said ministers should consider emergency legislation to take control of Thames Water's financial affairs in order to stabilise the company, rather than continuing negotiations with the hedge funds and distressed-debt investors currently steering its operations.
The report does not appear to detail a specific timeline for any legislative action, and it remains unclear how the government intends to respond to the committee's recommendations. The Guardian's report did not include a direct response from government officials or from the hedge funds involved in the talks.
Thames Water's financial troubles have drawn sustained political and public scrutiny in recent years amid concerns over its debt levels, infrastructure investment, and service to millions of customers across London and the Thames Valley.
Sources
- MPs urge ministers to break off Thames Water talks with US hedge funds — The Guardian — World
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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