Business

As an independent review sets out a vision for cleaning up the water industry, a real-world example of why the sector is in such deep trouble floats into view.

The Chinese owner of British Steel has hired a leading City law firm to explore the recovery of hundreds of millions of pounds it invested in the Scunthorpe-based company before the government seized control of its operations in April.

The investment giant lined up to rescue Thames Water abandoned its offer days after talks took place involving one of its co-founders and Downing Street officials.

“Interlocking failures” in the water sector across England and Wales can be fixed through fundamental reform in five key areas, according to a major interim report.

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