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Ofwat has announced a £158 million penalty for water companies in England and Wales due to missed performance targets on pollution, leaks, and customer satisfaction. This will result in lower bills for customers in 2025-26, but concerns remain about the effectiveness of these penalties in driving real change in the sector.
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As Labour prepares for its first budget on October 30, concerns grow over the potential revenue from proposed tax changes targeting non-domiciled individuals. The party aims to address a £39.8 billion tax gap while facing criticism over cuts to winter fuel payments for pensioners. The political landscape intensifies ahead of the budget.
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Thames Water is in a financial crisis, seeking new repayment terms amid £15 billion in debt. The company has enough cash to operate until May 2025 and is negotiating with creditors to avoid temporary nationalization. Ofwat's decision on bill increases is expected in January 2025, complicating the situation further.
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As Labour prepares for its first budget on October 30, Chancellor Rachel Reeves faces significant challenges regarding proposed tax reforms targeting non-domiciled individuals. Concerns arise that these measures may not generate the expected revenue, prompting discussions about potential adjustments to the policy.
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Thames Water is in a severe financial crisis, with credit ratings downgraded to junk status by Moody's and S&P. The company warns it may run out of cash by December unless it secures new funding. A group of creditors is working on a rescue plan amid fears of potential nationalisation.
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Southern Water is considering importing up to 45 million litres of water daily from Norway as a contingency for extreme droughts in the early 2030s. This plan, described as a last resort, follows concerns over water scarcity and environmental impacts from current supply sources in the UK.