Thames Water, facing extreme financial distress with significant debt and an impending risk of collapse, plans to award substantial bonuses to senior managers linked to a £3bn emergency loan. This decision has incited public outrage, especially as the company admitted its finances are critically unstable. The government is considering blocking these bonuses under new regulations designed to prevent financial rewards for executives at struggling firms. Environment Secretary Steve Reed has emphasized that profit from failure will no longer be tolerated, and any bonuses awarded could be reclaimed if deemed inappropriate by the regulator, Ofwat.
Ministers are preparing to use new regulatory powers to block Thames Water's substantial executive bonuses, as the company grapples with severe financial difficulties.
Thames Water's request to use part of a £3bn emergency loan for executive bonuses amidst its financial struggles has sparked outrage in light of the company's dire fiscal conditions.
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