In a furious attack, Michael Gove insisted the company must 'carry the can' for years of 'serial mismanagement' that had left it £15billion in debt.
Ministers today warned 'arrogant' Thames Water bosses that taxpayers must not bail them out amid fears customers face a 40 per cent hike in bills.
The company - the UK's biggest water supplier with 16 million households across London and the South East - has been pushing for bills to go up 40 per cent over the coming years. In a furious attack, Michael Gove insisted the company must 'carry the can' for years of 'serial mismanagement' that had left it £15billion in debt
However, Mr Gove told broadcasters this afternoon : 'The leadership of Thames Water has been a disgrace. For years now, we've seen customers taken advantage of by successive management teams, taking profits and not investing as they should be. Advertisement Both Ofwat and Thames Water sought to reassure customers that services would not be affected by the funding woes.
Speaking to Sky News, Mr Weston said the future plans 'require an investment of around £20bn in that 2025-2030 period'. It is facing several fines and investigations - including into the payment of shareholder dividends to parent company Kemble Water. Shareholders of the firm said today that industry regulations make its business plan 'uninvestible', after previously agreeing to an emergency funding package.
Water companies pumped raw sewage into British rivers and seas for a record four million hours last year, more than double than in 2022, new figures have revealed
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Ministers warn taxpayers must not pick up tab for Thames Water failureIn a furious attack, Michael Gove insisted the company must 'carry the can' for years of 'serial mismanagement' that had left it £15billion in debt.
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Ministers warn taxpayers must not pick up tab for Thames Water failureIn a furious attack, Michael Gove insisted the company must 'carry the can' for years of 'serial mismanagement' that had left it £15billion in debt.
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Rishi Sunak pinning hopes on ‘CEO’ aide to fix Thames Water crisisThe company is under investigation over paying dividends even as it lurches into a deeper financial abyss
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The political temptations of ‘nationalisation-lite’ at Thames WaterRegulator has new options to take away investors’ ownership of water companies while leaving them dealing with debt
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Thames Water declines to fund government anti-pollution schemeThe company confirms it will not be paying into a £180m government fund to reduce sewage spills.
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Thames Water Depot: Dismay over children's home planA charity had wanted to turn the site into a park with wild swimming and community spaces.
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