Rachel Reeves risks being forced to nationalise Thames Water just two days before her Spring Statement in a move that would force the Chancellor to tear up her spending plans, The Telegraph reported. The Treasury is drawing up fresh contingency proposals for Britain’s biggest water supplier ahead of a court showdown that could plunge the business into special administration. The threat of special administration is still looming over Thames Water, which has 16m customers, despite the High Court approving an emergency loan from its lenders last month.
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Britain’s Southern Water Ltd. is trying to fix its finances in an effort to preserve its investment grade status, safeguard its balance sheet — and avoid the same debt woes as Thames Water, Bloomberg News reported. The utility has entered into talks with its creditors to figure out how to reshape its capital structure, according to people familiar with the matter. The parties are discussing how to accommodate a £900 million ($1.2 billion) equity injection — led by majority shareholder Macquarie Asset Management — and what other tweaks may be necessary to stabilize the company’s finances.
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The Bank of England’s Andrew Bailey is a leading candidate to become the next chair of the Financial Stability Board, a move that would upend how the watchdog traditionally rotates its leadership at a fraught time for global policy making, Bloomberg News reported. While Bailey is considered a frontrunner for the role, the group remains in discussions about who should take over for the Dutch National Bank’s Klaas Knot when his chair term expires in July, according to people familiar with the matter, who asked not to be identified discussing non-public deliberations.
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