Environment Secretary Angela Eagle ready to reform law over Thames Water debt deal

Angela Eagle confirmed that ministers are prepared to take control of Thames Water into public ownership. She told reporters that existing British insolvency laws do not address the actions taken by companies controlling Thames Water. These entities, which includes US hedge funds, manage the utility while seeking to renegotiate debts. Eagle warned that reforming this situation may require changing the law itself. She noted that the Water Act does not account for such corporate behavior. While some activists believe the utility is insolvent, Eagle stated the company is technically not considered insolvent under current rules. She emphasized that nothing is off the table regarding future legislation. A new water bill will be introduced soon to enable necessary regulatory changes.