Thames Water Debate
Full Debate: Read Full DebateDepartment: Department for Environment, Food and Rural Affairs
Alistair Carmichael
Main Page: Alistair Carmichael (Liberal Democrat - Orkney and Shetland)Department Debates - View all Alistair Carmichael's debates with the Department for Environment, Food and Rural Affairs
(3 days, 7 hours ago)
Commons ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
Mr Speaker
I call the Chair of the Environment, Food and Rural Affairs Committee.
Mr Alistair Carmichael (Orkney and Shetland) (LD)
Under the £3 billion loan that Thames Water has negotiated, the first drawdown of £1.5 billion will be on 30 June, which is less than four weeks away. That is contingent on Thames Water having a lock-up agreement in respect of a recapitalisation transaction, but it now has no partner to provide that. It of course chose to proceed with just one option, which has now walked away. Who does the Secretary of State think that Thames Water will now turn to—it is not exactly going to be negotiating from a position of strength—and what are the Government going to do if it cannot meet that 30 June deadline?
Steve Reed
There remains a market-led solution on the table, and we expect Thames Water to follow through with the process to ensure it is able to fix the problems it is currently facing.