Steve Reed, the environment secretary is understood to be making 'active preparations' to essentially nationalise Britain's largest water utility.

Environment Secretary draws up contingency plans as utility giant struggles under £17bn debt pile

Steve Reed, the environment secretary is understood to be making 'active preparations' to essentially nationalise Britain's largest water utility.

Hong Kong 's CK Infrastructure Holdings (CKI) has emerged as a leading contender to take over debt-laden Thames Water.