Thames Water, which leaks more water than any other water company in the UK – equivalent to up to 250 Olympic-sized swimming pools every day – is now in danger of financial collapse.
Its chief executive resigned unexpectedly on Tuesday and the UK government said it was ready to act in the worse case scenario that Thames Water does go under.
So what has gone wrong with the company that supplies water to a quarter of the UK’s population?
And what does this tell us about the privatisation of the English and Welsh water sector that took place over three decades ago?
Newsnight’s Economics Editor Ben Chu explains.
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