How Debt and Sewage Pushed Thames Water to the Brink

The usually dull water business isn’t supposed to make news headlines. But scandals over sewage spills and leaky pipes are casting a harsh light on Britain’s management of this public resource and raising deeper questions about the business model established when it was privatized three decades ago. Things have gotten so bad that Thames Water Ltd., which serves about a quarter of the UK population, faces possible temporary nationalization after shareholders refused to stump up the cash it needs

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