Thames Water: Broken firm needs to be taken into special administration

EMBARGO: Immediate Release

Responding to the news that Thames Water's shareholders will not be injecting the first £500 million of funding that was agreed last summer, Liberal Democrat Treasury spokesperson and MP for Richmond Park Sarah Olney said:

"Thames Water is a broken firm. It is teetering on the brink of collapse and it is clear that things cannot go on as they are.

"Drastic action is needed to keep the taps running for millions of customers. Execs have pocketed sky-high bonuses, given billions to overseas investors whilst watching their infrastructure crumble. The board should hang their heads in shame.

"No longer should this firm be allowed to mistreat customers and destroy our environment with their filthy sewage. 

"That is why ministers must use their powers to put Thames Water into special administration immediately, to then be reformed into a public benefit company. Only that way can we ensure this polluting giant will begin working for its customers again."

ENDS