Thames Water boss refuses to rule out bill increases of up to 40% to secure company's future

The chief executive of Thames Water has refused to rule out bill increases of up to 40% for customers as the troubled company tries to secure its future.

Thames Water boss refuses to rule out bill increases of up to 40% to secure company’s future

Chris Weston told Sky News’ Ian King he did not think the firm had been “at all secretive” about the possibility of prices rises.

It comes after shareholders blamed Ofwat for not giving the “regulatory support” needed to help the company’s turnaround plan.

The nine shareholders said they had been in talks with Thames Water and the regulator to try and find a way through the “complex challenges” facing the company.

But in a statement, they said: “After more than a year of negotiations, Ofwat has not been prepared to provide the necessary regulatory support for a business plan which ultimately addresses the issues that Thames Water faces.

“As a result, shareholders are not in a position to provide further funding to Thames Water.”

On Wednesday evening, Sky News reported the board of Thames Water was locked in crunch talks as shareholders tried to dilute a pledge to inject funds into the company that would secure its survival.

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