Thames Water’s default is a seminal moment for the UK

Rowers on the River Thames are warned about pollution. (Image: Getty)

Mon, 15 Apr 2024

By Matthew Brooker One way to win a game of chicken is to keep going straight over the cliff edge, like James Dean’s opponent in Rebel Without a Cause. That’s effectively what shareholders of Thames Water just did in serving notice of default and walking away from an asset that was valued at US$6 billion (NZ$10b) not so long ago. The owners, who said the regulator’s proposals had rendered Britain’s largest water utility “uninvestible”, can no longer be regarded as bluffing. As in the film, the after...

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