Thames Water thrown lifeline to survive into 2025

Thames Water has been thrown a cash lifeline that will tide the troubled utility giant over until October next year.

The UK's biggest water group has secured a loan of up to £3bn following fears that it would run out of funding by Christmas.

People close to the deal said it was signed on Thursday evening and shows there is confidence that new and existing investors can reach an agreement to secure the company's future.

Thames Water's huge debts have led to speculation it could be taken over by the government, although this would not affect any supplies.

Meanwhile, Thames Water's 16 million customers are facing a steep rise in bills.

In July, the company had told water regulator Ofwat that it wanted to increase annual bills by 23% between 2025 and 2030.

Since then, Thames has said it needed to raise them by 59%.