UK's biggest water supplier plunges into deeper financial crisis

Debt-plagued Thames Water has failed to raise a major cash injection from shareholders, it revealed Thursday, blaming industry regulations that made its rescue plan"uninvestable".

The cash represented most of a £750-million funding lifeline agreed with investors in July to stay afloat. Britain's domestic Press Association news agency said Ofwat had refused to bow to Thames Water's demands for concessions, which it said included a 40-percent jump in water bills that would worsen the country's cost-of-living crisis."Safeguards are in place to ensure that services to customers are protected regardless of issues faced by shareholders of Thames Water," said an Ofwat spokesperson.

Thames Water has faced fierce criticism over missing targets to reduce leaks and slash sewage discharges into rivers, despite major infrastructure investment.

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