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Story summary
- London & Valley Water, holding £17 bn of Thames Water’s £21 bn debt, offered a “golden share” giving the government a veto over decisions and takeovers.
- L&VW’s £10 bn rescue plan bars dividends for ten years or until a listing and expands the social tariff.
- Prime Minister Andy Burnham warned public control could lead to nationalisation or a special administration.
- Creditors warn the regime could shift about £2 bn of running costs onto taxpayers.
