Thames Water creditors accused of ‘shuffling deckchairs’ with plan for new board
Thames Water creditors have proposed a new board of directors in an attempt to avoid temporary nationalization of the utility company. Campaigners and public ownership advocates have criticized the move as a superficial effort to maintain control.
Why it matters
The future of Thames Water is a critical test case for the UK's utility regulation and the potential for re-nationalizing essential public services.
Any Burnham has said there should be ‘greater public control’ of Thames Water. Photograph: Vuk Valcic/SOPA Images/Shutterstock Any Burnham has said there should be ‘greater public control’ of Thames Water. Photograph: Vuk Valcic/SOPA Images/Shutterstock Thames Water Thames Water creditors accused of ‘shuffling deckchairs’ with plan for new board Campaigners say proposal for £10bn rescue deal in bid to avoid nationalisation is a ‘cosy stitch-up’
Prefer the Guardian on Google The group of creditors pursuing a rescue bid for Thames Water have been accused of shuffling the deckchairs on the Titanic after proposing an overhaul of the stricken utility’s board.
In a bid to stave off temporary nationalisation by Andy Burnham, the lenders said they would appoint Liz Barber, the former chief executive of Yorkshire Water , and Clive Selley, the former chief executive of network operator Openreach, as directors if they are allowed to take formal control of the company.
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