Topic
nationalisation
Business Thames Water lenders offer 'golden share' to head off nationalisation
The L&VW consortium of lenders has proposed a golden share and greater local authority control to prevent Thames Water's nationalisation. The sweetened deal adds hundreds of millions of pounds to a previously rejected £10bn plan, which includes writing off nearly half of the company's debt.
Finance Thames Water Lenders Prepare Legal Challenge Against Potential Nationalisation by Incoming PM Burnham
Lenders to Thames Water are preparing a legal challenge in case incoming Prime Minister Andy Burnham attempts to nationalise the utility. The company has about £20bn in debt and warned it has cash only until end of 2026. A proposed lender-led rescue (writing off £9.4bn and injecting £3.35bn in exchange for pollution fine leniency) was rejected by the government as weak.
UK Government Brings British Steel Under Public Ownership, Secures Steelmaking Future
The UK government has nationalised British Steel, taking control of the Scunthorpe steelworks to secure domestic steelmaking. The move follows years of uncertainty and financial losses, with the plant losing £700,000 per day under Chinese owner Jingye Group. The government's intervention ensures continued production of virgin steel for critical infrastructure.
Commodities British Steel Nationalisation Bill Passed by Parliament, Securing Public Ownership of Scunthorpe Operations
Parliament has passed the Steel Industry (Nationalisation) Bill, paving the way for nationalisation of Scunthorpe-based British Steel. The King signed the bill into law on Wednesday. Energy minister Chris McDonald said the government acted decisively in the national interest. Shadow business secretary Andrew Griffith criticised the move, linking it to high energy costs. Owner Jingye has begun seeking compensation.
Business Thames Water Moves Closer to Nationalisation After Government Objects to Rescue Deal
The UK government has formally objected to a proposed rescue deal for Thames Water, moving the struggling utility closer to nationalisation. Environment Secretary Emma Reynolds raised concerns over the lenders' package, which the government says fails to protect consumers and the environment. Without an alternative, Thames Water could face a special administration regime within months.