Month: May 2025

UK business confidence surged in May to its highest level since last August, according to new data from Lloyds Bank, driven by a sharp rebound in global financial markets and a softening in trade tensions between the US and its partners.
The Lloyds Bank business barometer rose by 11 points to 50 per cent, up from 39 per cent in April, more than reversing the dip seen last month. The reading is now at its strongest since the summer of 2024.
The lender said the sharp increase in confidence reflects improving sentiment in global markets after US President Donald Trump paused his threatened “reciprocal tariffs” until July. That decision – followed by a US court ruling this week declaring the tariffs illegal – fuelled optimism across Asian, European and American stock exchanges, as investors reassessed the outlook for global growth.
“The rebound in business confidence suggests that firms might be in a stronger position for the next quarter,” said Hann-Ju Ho, senior economist at Lloyds Commercial Banking. “The rise in confidence is driven by a sharp increase in economic optimism, reflecting the recovery in financial markets amid the easing of global trade tensions.”
The survey, based on responses from 1,200 firms, also found improvements in trading prospects and hiring intentions. A third of businesses said they plan to award pay rises of 3 per cent or more, while 65 per cent reported intentions to increase prices in the year ahead – down five points from April. Only 2 per cent said they would cut prices.
The data comes amid a mixed inflation picture. UK inflation rose to 3.5 per cent in April, the highest since January 2024, up from 2.6 per cent the month before. However, stronger-than-expected economic growth is helping to support business sentiment. GDP expanded by 0.7 per cent in the first quarter of 2025, and this week the International Monetary Fund marginally upgraded its full-year UK growth forecast to 1.2 per cent.
The Lloyds report adds to signs that the UK economy is showing resilience, even as concerns linger over inflation, rising wage demands and the future of global trade policy.
Despite uncertainties ahead, the strong rebound in confidence points to a more optimistic outlook among British firms heading into the second half of the year.
Read more:
UK business confidence jumps to nine-month high as trade tensions ease

Reform UK has become the first political party in Britain to accept bitcoin and other cryptocurrency donations, Nigel Farage announced during a high-profile appearance at the Bitcoin Conference in Las Vegas.
Farage told the audience that Reform UK had updated its website to accept crypto donations from eligible UK donors, marking what he called an “innovative” step for British politics. “My message to the British public, and particularly to young people, is to help us to help you bring our country properly into the 21st century,” he said. “Let’s recognise that crypto and digital assets are here to stay.”
The former UKIP and Brexit Party leader used the speech to unveil his party’s planned Cryptoassets and Digital Finance Bill, which includes a pledge to slash capital gains tax on cryptoassets from 24% to 10%. He also proposed creating a bitcoin digital reserve within the Bank of England and promised legal protections for users of cryptocurrency by making it illegal for banks to “debank” individuals who trade or hold crypto.
Farage told the conference—where he was introduced as a “UK presidential candidate”—that he wanted to make the UK a “crypto powerhouse”. He contrasted his party’s ambitions with what he described as inaction from both the current Labour government and the previous Conservative administration.
“Rishi Sunak, when he was briefly prime minister, made one speech about crypto and how London used to be a global financial centre. One speech and nothing else,” said Farage. “Labour? Well, we have 25 men and women in cabinet and not a single one of them has worked in private business.”
The Reform UK website was updated on Thursday to include a cryptocurrency donation page, with a disclaimer noting that all contributions must comply with Electoral Commission rules—meaning anonymous donations are not allowed.
A party spokesperson confirmed the move and said further details about how cryptocurrency donations would be processed were expected to be released on Friday.
Farage’s announcement signals a significant shift in UK political fundraising and policy, with Reform UK positioning itself as the most crypto-friendly political force in the country. It also comes as global interest in blockchain-based finance continues to grow, amid both enthusiasm from investors and regulatory uncertainty from governments.
Unlike traditional UK political parties structured as membership organisations, Reform UK is registered as a private company—Reform 2025 Ltd, a not-for-profit entity jointly controlled by Farage and director Zia Yusuf. This structure gives Farage sweeping influence over the party’s direction and funding.
With polls showing increasing support for Farage’s party in some constituencies and a general election expected within the next 18 months, the move could mark the beginning of cryptocurrency playing a more prominent role in British political discourse.
Read more:
Reform UK becomes first British political party to accept Bitcoin donations, says Farage

Celebrity interior designer Celia Sawyer has accused Netflix of copying her idea for an erotic home makeover show, claiming the streaming giant’s How to Build a Sex Room mimics a concept she previously pitched — and was told would be “deleted”.
Sawyer, best known for Channel 4’s Four Rooms and frequently dubbed the “Queen of bling” for her lavish designs, alleges that her proposal for a series titled Kinky Rooms was sent to Netflix — only for a near-identical format to appear a year later.
“It was exactly the same idea, exactly the same format,” the 58-year-old tells The Daily Mail. “They said they were going to delete it, and then a year later it popped up as a Netflix show.”
Sawyer says her pitch included a proposed episode about designing a space for a polyamorous couple — which she notes was replicated in the Netflix series, with an episode focused on creating “a swanky dungeon” for a polyamorous family. Other episodes in the eight-part US series included a “rock ’n’ roll sex basement” and a “five-star spa” themed retreat for couples.
“You put a lot of work into this stuff and then that happens,” says Sawyer. “I was really upset. It was awful.”
Sawyer, who runs a luxury design studio in Mayfair and has fitted out everything from yachts to private jets — including a 24-carat gold and platinum bath — says she contacted Netflix after the show aired, only to receive a formal legal letter denying any connection.
“They sent a stroppy legal letter from their lawyer telling me they didn’t take the idea,” she recalls.
While Netflix has declined to comment, Sawyer’s frustration reflects wider tensions in the entertainment industry over the protection of intellectual property and the difficulties individuals face when pitching to large studios.
Sawyer, who left school at 15 and built a career designing for ultra-high-net-worth clients, now splits her time between her home in Barbados and a £4 million property in Sandbanks, Dorset, which she shares with her husband Nick, a food commercials director. The couple recently became embroiled in a separate dispute with a neighbour over privacy concerns after a neighbouring renovation overlooked their garden.
Read more:
Netflix accused of copying show idea by ‘Queen of bling’ Celia Sawyer

Katana, supported by its native token KAT, is engineered to deliver an optimized DeFi experience, offering exceptional liquidity across protocols such as Morpho (lending), Sushi (spot DEX), and Vertex (perpetuals DEX).
Drawing from five different sources of yield, Katana is set to introduce a new DeFi paradigm for risk-takers, whales, and institutions, alongside strategic partners like Conduit, Chainlink, and Blockworks.
May 28, 2025 — The Katana Foundation, a nonprofit organization committed to building the best DeFi experience for users of all types, has announced the launch of Katana’s private mainnet, a blockchain tailored to decentralized finance, designed to enhance asset productivity through consistently higher yields and significantly deeper liquidity.
Unlike the typical fragmented DeFi landscape, Katana concentrates liquidity into selected protocols and aggregates yield from all available sources to power a self-sustaining system with long-term growth in mind. Starting today, pre-deposits are live, giving users a chance to earn KAT by participating early. The public mainnet is expected to launch in June.
Developed with early-stage support from GSR and Polygon Labs, Katana is entering the scene with several key partners:

Conduit, a leading rollup platform managing over $4 billion in TVL across hosted chains.
Chainlink, the most widely adopted decentralized oracle network, which powers DeFi operations with secure and reliable data feeds.
Blockworks, a premier crypto media and data firm, contributing ecosystem content and in-depth analytics.

A Complete and Optimized DeFi Experience for Everyone
Katana was created with all user profiles in mind. In a world where DeFi users dominate on-chain activity, Katana enables them to earn higher returns and interact with DeFi building blocks in a highly optimized yield-driven environment.
Purpose-built for users seeking yield opportunities, Katana unlocks latent asset value through a unified ecosystem that makes every token work harder, offering stronger and more consistent returns than other platforms.
Built with Institutions in Mind
As the DeFi space matures, institutional interest will keep growing. Yet, structural challenges remain: fragmented liquidity and ongoing value leakage hinder efficiency. Katana has been crafted to address these issues by securing deep, concentrated liquidity, minimizing slippage, and stabilizing borrowing and lending rates.
Supported by Industry Titans

GSR will provide liquidity management and cross-chain support while incubating new DeFi protocols through its venture division.
Polygon Labs played a key role during Katana’s early development, offering technical guidance and strategic direction as part of its Agglayer Breakout program.

“We’re proud to collaborate on Katana. Our involvement reflects GSR’s increasing commitment to incubating and advising DeFi ecosystems,” said Jakob Palmstierna, President of GSR.
“Beyond providing capital, we help build accessible and sustainable platforms. Katana allows us to apply our market expertise to activate real yield and concentrated liquidity.”
Marc Boiron, CEO of Polygon Labs, added:  “DeFi users deserve networks that prioritize sustainable liquidity and dependable returns. Katana transforms inefficiencies into strengths, creating a fertile and rewarding environment for builders and users alike.”
A Secure Architecture Powered by ZK Technology
Katana is built on cdk-opgeth, a custom stack based on OP Stack, connected to Agglayer and enhanced with zero-knowledge (ZK) proofs to boost security. This gives developers access to familiar tools, while users benefit from fast confirmations and cryptographic guarantees.
The ZK proofs are generated by Succinct’s SP1, a production-grade zkVM using Polygon’s Plonky3 proving system. The network is operated with support from Conduit, leveraging its powerful G2 Sequencer.
A Liquidity-First DeFi Ecosystem
Katana centralizes liquidity within a curated set of leading DeFi protocols, providing users with:

Enhanced capital efficiency
Significantly reduced slippage
More favorable rates

Core protocols within the Katana ecosystem include:

Morpho for optimized lending and borrowing
Sushi for deep spot liquidity and trading aggregation
Vertex for capital-efficient perpetual trading

On top of this foundation, hundreds or even thousands of new applications can be built, all benefiting from the existing depth of liquidity.
Liquidity is also consolidated across functionally similar assets, such as stablecoins, BTC, and ETH:

Agora for issuing AUSD, the network’s native stablecoin
Lombard for LBTC, a liquid, yield-bearing version of BTC
Ether.Fi for weETH, a wrapped ETH variant that provides staking and restaking rewards
BitVault for institutional-grade BTC-backed money

To allow trading of non-native blue-chip assets like XRP, SOL, or SUI, Universal will bridge them into Katana, along with their staked, yield-bearing versions. This way, users can trade these assets within the Katana ecosystem and gain higher returns than they would on their native chains, while executing strategies like looping, arbitrage, and yield farming.
Sustainably Higher Yield, Engineered for Performance
Katana is built to tackle the toughest DeFi challenges using five performance-focused pillars:
1. VaultBridge
Bridged assets (ETH, WBTC, USDC, USDT) earn yield from Ethereum and compound it again on Katana.
Everyone wins.
2. Network Fees
Fees and a portion of app revenue are reinvested back into the ecosystem, to incentivize users, deepen liquidity, and fund growth.
Everyone wins.
3. AUSD Revenue
AUSD, supported by institutions like VanEck and State Street, shares its earnings with the network instead of hoarding them like traditional stablecoins.
Everyone wins.
4. Core App Emissions
Core apps dedicate their native tokens to reward users, increasing yields and boosting loyalty.
Everyone wins.
5. KAT Emissions
KAT holders will govern how emissions are distributed across DeFi pools, aligning long-term incentives with real usage.
Everyone wins.
Scalability Driven by Participation

The more bridged assets, the higher the yield.
The more AUSD deposited, the more rewards for users.
The more sequencer activity, the greater the returns.

Katana grows with its users. It’s designed to scale sustainably and keep liquidity steady over time. Chain-owned revenue and protocol earnings are continually reinvested in the ecosystem, reducing reliance on short-term incentives.
This model builds long-term stability and serves as a shock absorber during times of volatility. Core apps aren’t operating in isolation, they’re actively contributing to Katana’s overall resilience.
Everyone wins.
Active, Productive TVL That Drives Value
On Katana, TVL is never idle. All assets are actively deployed into lending, trading, and yield strategies that maximize capital efficiency and generate returns for both apps and users.
Unlike chains that chase inflated metrics with inactive capital, Katana makes every token productive. Apps benefit from this economic activity, using it to reinvest in improving user experience.
Everyone wins.
KAT: Ownership, Incentives, and Growth in Harmony
The Katana Foundation also unveils KAT, its native token designed to align users with network development.
Built on a vote-escrow (ve) model, users can receive KAT via lootbox rewards after pre-depositing ETH, USDC, USDT, or WBTC. After a maximum lock-up of 9 months (or sooner if unlocked by the foundation), holders can convert their tokens into veKAT, gaining voting rights over emissions allocation.
KAT is more than governance, it channels emissions toward productive TVL and deeper chain-owned liquidity, reinforcing long-term value creation over short-term speculation.
Private Mainnet Now Available
Katana’s private mainnet is officially live. Developers and early users can now begin exploring its foundational applications.
Visit katana.network to get started.
Read more:
Bitcoin and Ethereum can work for you: here’s how the Katana ecosystem makes it happen

NavLive, which has newly developed an AI-powered, handheld scanning tool offering architects and construction professionals the ability to create high precision building site scans in real time, launches today with £3.3m in Seed funding.
The round was led by deep tech investor OSE, with participation from SOSV, Oxford Capital Partners, Clearance Venture Partners, AE Works, Britbots, Oxford Innovation Finance, as well as a c. £700K grant from Innovate UK awarded last year.
Developed by academics in robotics research at the University of Oxford, NavLive‘s cutting edge handheld LiDAR scanner combined with edge AI processing, allows users to scan all buildings, generating precise site drawings in real time.
NavLive’s scanner helps architects, developers, and construction firms capture highly detailed, accurate building site drawings with instant 2D/3D building models, RICS-grade 1:100 surveys, and direct Scan-to-BIM integration. This eliminates the need for third party surveyors, and integrates with all leading architecture software.
The team has grown to 15 and operates out of offices in London and Oxford. CEO Chris Davison is a seasoned entrepreneur who previously founded one of Southeast Asia’s largest challenger banks and brings extensive experience in venture capital and company scaling. CTO Dr. David Wisth has a PhD in Computer Vision, SLAM, Robotics and is a leading expert in 3D mapping and artificial intelligence, and COO and CFO Vikram Negi is a veteran finance executive with a strong track record of building and scaling venture-backed companies across Europe and Southeast Asia.
NavLive has been used extensively across major construction projects by leading AEC firms, including Jacobs, AtkinsRealis and Mace. NavLive has also been deployed for both nuclear and defense applications, including with the UK Atomic Energy Authority.
Chris Davison, CEO, NavLive said “For too long architects, engineers and construction professionals have been stuck with complex, slow, expensive, and error-prone surveys. Our AI-powered scanning solution delivers real-time, high-fidelity 2D and 3D scans that no other product on the market can match. We are building the underlying record of truth for spatial data across the entire lifecycle of a building, transforming how the AEC industry works.”
Read more:
AI architecture scale-up NavLive scoops £4m of funding to transform construction industry

Britain’s car industry suffered its worst April in over 70 years, with new figures revealing a sharp fall in vehicle production that underscores deepening challenges facing the sector.
Data from the Society of Motor Manufacturers and Traders (SMMT) showed that UK car output fell by 8.9 per cent last month, with only 56,500 vehicles rolling off production lines — the worst April since 1952, excluding the shutdowns during the Covid pandemic. Meanwhile, commercial vehicle output collapsed by a staggering 68 per cent year-on-year, down from 8,500 to just 2,600 vans.
The figures cap off the worst start to the year for the British automotive sector since the global financial crisis of 2009. In the first four months of 2025, UK car production has dropped more than 4 per cent to 284,000 units, while commercial vehicle output is down 35 per cent, with van exports plummeting 75 per cent.
The SMMT attributed the slump to a combination of factors, including the late Easter holidays disrupting supply chains, the closure of Stellantis’s Luton plant — which previously built Vauxhall vans — and wider uncertainty linked to President Trump’s escalating trade war with China and the European Union.
With UK factories currently producing vehicles at an annualised rate of just 767,000 — fewer than at points during the pandemic — the sector is now operating at barely half of its pre-Covid levels. That includes major plants building brands such as Nissan, Mini, Toyota, Rolls-Royce, Bentley and Range Rover, all of which reported lower output in April.
Mike Hawes, SMMT chief executive, said the data should serve as a “wake-up call” for ministers. “With automotive manufacturing experiencing its toughest start to the year since 2009, urgent action is needed to boost domestic demand and our international competitiveness,” he warned.
He acknowledged recent trade breakthroughs — including improved terms with the EU, US and India — but said long-term success would depend on greater investment support and policy certainty. “To take advantage of these trading opportunities, we must secure additional investment, which will depend on the competitiveness and confidence that can be provided by a comprehensive and innovative long-term industrial strategy.”
The collapse in commercial vehicle production was largely driven by the decision by Stellantis to consolidate operations at Ellesmere Port, focusing on smaller electric models. The transition, while aimed at supporting the UK’s EV future, has left a production vacuum in the short term. It follows a broader industry trend as manufacturers race to retool facilities for zero-emission vehicle production ahead of incoming regulations and shifting market demand.
Hawes stressed that without a joined-up strategy to attract investment and stimulate EV demand, the UK risks falling behind global rivals. “Get this right and the jobs, economic growth and decarbonisation will flow across the UK.”
As the sector navigates the complex challenge of electrification, trade volatility and rising input costs, many manufacturers are warning that without government support and clear direction, the current downturn could become entrenched.
Read more:
UK car production slumps to lowest April levels since 1952 amid van factory closure and global trade turmoil

Pensions tax relief may be in the firing line in the upcoming Autumn Budget, with growing concern among financial experts that HMRC is targeting popular salary sacrifice schemes as a way to raise revenue.
According to Blick Rothenberg, a leading audit and tax advisory firm, a new HMRC report points to the Treasury’s increasing focus on pension perks — including suggestions that salary sacrifice schemes could be significantly curtailed or even abolished.
Tomm Adams, a partner at the firm, said: “HMRC has just published a report suggesting that the Treasury has pensions in its crosshairs this Autumn. It explores ways to butcher salary sacrifice arrangements, or go even further by abolishing pension tax relief altogether.”
He added that the pensions industry was alarmed by what he described as a short-sighted approach that prioritises short-term tax receipts over long-term financial stability. “Those of us who care about the general population’s retirement prospects are appalled. This would sacrifice tomorrow’s security for today’s gain.”
Salary sacrifice arrangements have long been used by both employers and employees to boost pension contributions in a tax-efficient way. Under the scheme, an employee agrees to reduce their salary, with the equivalent amount instead being paid into their pension — which reduces both income tax and National Insurance contributions (NICs).
“There’s a misconception that this is a personal income tax loophole,” Adams said. “In reality, it offers no more of a break than other methods of making pension contributions. The key difference lies in National Insurance — there’s a 15% employer NIC break, and up to 8% for employees.”
He suggested that in an ideal world, all pension contributions — not just those via salary sacrifice — should receive the same level of NIC relief. “But that would cost the Treasury significantly more, and it’s not on the table under this government,” he added.
Any move to reduce or remove salary sacrifice would have wide-reaching consequences, not just for workers, but also for employers who use the scheme to support staff retention and wellbeing. “Companies often share part of their NIC savings with employees by topping up pension contributions,” Adams said. “That’s particularly important for higher earners, who already receive reduced pension tax relief.”
He also warned that abolishing or weakening salary sacrifice would likely reduce pension contributions across the board — particularly from higher earners — at a time when the UK already falls short on retirement provision. “The state pension provides just 21.7% of the average final salary. Even with auto-enrolment, that only rises to 41.9% — well below the global average.”
Adams argued that the government should look elsewhere for more immediate sources of revenue, such as unfreezing fuel duties, which could add £3 billion annually to Treasury coffers. “Hopefully, this is just the poorly timed publication of an outdated internal report,” he said. “But if not, it would represent a dangerous move against long-term financial planning for millions of workers.”
Read more:
Pensions at risk as HMRC eyes salary sacrifice schemes in Autumn Budget

A growing number of British professionals and entrepreneurs are preparing to leave the UK to escape what has been branded Labour’s “stealth tax bombshell”, according to independent financial advisory firm deVere Group.
The warning comes as new figures suggest nearly two million workers will be dragged into higher tax brackets by the end of the decade, due to the continued freeze on income tax thresholds. But deVere says those projections could fall short — because many of those affected are already plotting their exit.
“There’s a major assumption at play here — that people will simply accept being pushed into higher brackets without taking action,” said Nigel Green, deVere’s CEO. “That’s not what we’re seeing. On the contrary, the appetite to move abroad and legally restructure finances has soared since Reeves’ first Budget and the momentum is not slowing.”
The Office for Budget Responsibility (OBR) has estimated that fiscal drag — where inflationary wage growth pulls more people into higher tax bands — will generate £8.9 billion for the Treasury. But Green suggests that forecast overlooks a critical factor: mobility.
“Relocation is no longer the preserve of the ultra-wealthy. Remote working, global hiring and dual citizenship have significantly lowered the barriers,” he said. “We’re now seeing more middle-income professionals considering their options abroad, particularly in higher cost regions like the south-east.”
According to internal deVere data, client relocation consultations have risen by 36% in the south-east since January, with Italy, Portugal, Switzerland and Dubai among the most popular destinations. These jurisdictions offer favourable regimes, including flat tax options or exemptions on foreign income.
“A skilled Londoner earning 50% above the median salary now faces £2,700 more in annual income tax than two years ago — a rise of nearly 25%,” Green said. “For families already squeezed by mortgage and childcare costs, it’s proving a tipping point.”
Green argues that the government is misjudging the resilience of its tax base. “That £8.9 billion figure depends on a static population and passive taxpayers. Neither of those assumptions holds true,” he said.
“People, entrepreneurs, capital — they all move. Tax policy doesn’t operate in a vacuum.”
The warning follows growing political pressure over the use of frozen thresholds as a way to raise revenue without increasing headline tax rates. Labour’s continuation of this policy, introduced by the Conservatives, has led to accusations of a stealth tax raid on working families.
“Governments betting on bracket creep as a stealthy source of cash may need to rethink the maths,” Green added. “The real story isn’t just how much more tax Brits will be forced to pay — it’s how many will quietly leave before they do. That £8.9bn figure? It’s already shrinking.”
Read more:
UK stealth tax hike risks exodus of high earners, deVere warns

Thames Water has been handed a record-breaking £122.7 million fine by Ofwat following two damning investigations into the UK’s largest water utility.
The regulator found the company had breached key obligations relating to its wastewater operations and had unlawfully issued dividends despite poor environmental and customer performance.
Ofwat confirmed this morning that £104.5 million of the fine relates to serious failings in the company’s wastewater infrastructure — the largest financial penalty the regulator has ever imposed. A further £18.2 million has been levied for breaches connected to dividend payments, marking the first time Ofwat has penalised a water company over dividend decisions that failed to reflect its performance.
The regulator took aim at interim dividends totalling £37.5 million issued in October 2023 and a further £131.3 million paid out in March 2024. As a result of the enforcement action, Thames Water is now prohibited from issuing further dividends without Ofwat’s explicit approval.
David Black, chief executive of Ofwat, said: “Our investigation has uncovered a series of failures by the company to build, maintain and operate adequate infrastructure to meet its obligations. The company also failed to come up with an acceptable redress package that would have benefited the environment, so we have imposed a significant financial penalty.”
The move comes amid growing public and political pressure over the environmental performance of water companies, particularly regarding pollution and sewage spills. Environment secretary Steve Reed said: “The government has launched the toughest crackdown on water companies in history. Last week, we announced a record 81 criminal investigations have been launched into water companies. Today Ofwat announced the largest fine ever handed to a water company in history. The era of profiting from failure is over.”
The fine will be borne by the company and its shareholders, not customers.
Thames Water, which provides drinking water to 10 million people and wastewater services to 15 million across London and the Thames Valley, has been teetering on the edge of financial collapse for more than a year. Its current shareholders — including Omers, the Canadian pension fund, and sovereign wealth interests from China and Abu Dhabi — declared it “uninvestable” last year and wrote off their holdings.
In a last-ditch effort to stabilise the company, Thames’s board selected global investment firm KKR as its preferred bidder. KKR has offered a £4 billion cash injection in exchange for control, but the deal depends on complex negotiations with Ofwat over fines and future performance targets. Thames Water’s gross debt stands near £20 billion, and creditors are expected to take heavy writedowns under the current rescue plan.
Appearing before the Commons environment select committee earlier this month, Thames Water chairman Sir Adrian Montague and CEO Chris Weston said the company’s future now hinges on the outcome of talks with KKR and the regulator. Without a deal, they warned, penalties for continued failure — which could total more than £1 billion over five years — risk driving away investors entirely.
Ofwat’s current targets include improvements in pollution incidents, mains leakage, and customer service, all areas where Thames Water has consistently underperformed. Failure to renegotiate these targets could leave Thames unable to attract new funding or improve its credit rating from junk status, experts warn.
Should investment stall and the company remain unable to refinance, ministers and regulators may be forced to intervene directly, placing Thames Water into special administration — effectively returning the utility to public control.
Read more:
Thames Water hit with record £123 million fine by Ofwat after investigations uncover failures and illegal dividends