Cash crisis deepens at water firm

THAMES Water bosses have admitted the firm could face the risk of emergency nationalisation as its funding crisis deepens after shareholders refused to give the troubled utility extra cash.

The group - the UK’s biggest water supplier with 16 million households across London and the South East - revealed that its investors had pulled a £500m funding lifeline which was due to be paid at the end of this month.

Thames Water blamed

THE King has reaffirmed his coronation pledge “not to be served, but to serve” with “my whole heart” in a personal message ahead of Easter.

Charles’s audio address was broadcast to a congregation at Worcester Cathedral where the Royal Maundy Service was held in his absence, due to the monarch’s continuing cancer treatment.

It did not directly refer to the King and the Princess of Wales’ treatment for undisclosed types of cancer, but highlighted

Ofwat, claiming that the regulator had made its business plan “uninvestible”.

It is understood that investors pulled the funding plan that was agreed last summer after Ofwat refused to bow to the water giant’s demands for a 40% bill hike for customers, an easing of capital spending requirements, as well as leniency on penalties for failing to meet targets.

The debt-laden firm’s chief executive, Chris Weston, admitted that if no alternative funding

those who “extend the hand of friendship” - likely to be interpreted as the nation’s response to the monarchy’s double health scare.

The major event in the royal calendar sees Maundy money - newly minted coins - distributed to community stalwarts by the head of state in recognition of their service, with the Queen deputising for the King in the ceremony, a first for a Queen Consort.

Charles said in his address: “The act of worship, here in Worcester Cathedral, reminds me of the

could be found by the end of next year, then it could face the prospect of a special administration - which would likely see the taxpayer pick up the bill.

Thames Water stressed that it had £2.4 billion of cash currently available to it, which should see it meet funding needs for the next 15 months.

Mr Weston said there was a risk of nationalisation if funding was not secured after this, but added “we are a long way from that point at the moment”.

pledge I made at the beginning of the coronation service - to follow Christ’s example ‘not to be served but to serve’. That I have always tried to do and continue to do, with my whole heart.

“It is my special prayer today that Our Lord’s example of serving one another might continue to inspire us and to strengthen all our communities.”

The King has stepped back from most public duties during his treatment. He spoke of his “great sadness” at not being able to attend the service.

Queen Camilla deputised for the King at Worcester yesterday