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Story summary
- Cross-party committee of MPs urges government to reject a £10 bn creditor takeover of Thames Water.
- EFRA Committee recommends placing Thames Water into special administration, a temporary nationalisation.
- Thames Water owes roughly £20 bn and its creditors hold about £17 bn of debt.
- Committee warns Thames Water could accrue over £900 m in penalties within five years.
- Report says laws must change to let the government trigger special administration on performance grounds alone.