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A DELAYED verdict on water bill price rules will be of big interest to Labour — as well as to hedge funds.

Water regulator Ofwat will reveal on July 11 if firms will be able to raise bills by as much as they would like to fix pipes and sewage spills.

Water bills could soar after General Election as firms insist they need more money to fix pipes
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Water bills could soar after General Election as firms insist they need more money to fix pipesCredit: Getty

The decision was delayed due to the election — leaving troubled Thames Water and its current investors in limbo.

It has asked to raise bills by 56 per cent — taking bills to £733 by 2030.

Meanwhile, Southern Water has proposed a 70 per cent hike.

Thames Water is in £18billion of debt, its parent firm has already defaulted on £400million of debt.

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Its investors have declared the company is “uninvestable” and have refused to put further money in unless Ofwat approves its business plan.

There is also the threat of Ofwat fining Thames Water for paying a £150 million in dividend which would damage its precarious finances further.

The risk is that if investors walk away, it will be put into “special administration” — whereby the government and the taxpayer take responsibility.

Jonathan Reynolds, shadow business secretary, has indicated Labour would oppose renationalising it. But, industry sources say there is a slim chance of any other investor wanting to keep Thames afloat in the current situation.

It is not just Thames Water facing challenges as all UK water companies are now facing a flood of legal challenges over sewage discharges, following a Supreme Court ruling earlier this week.

What are your rights if you're sent an incorrect bill?

A case brought against United Utilities for “untreated foul water” has meant other water companies could be open to claims too.

Hedge fund GLG has a £43million bet against Severn Trent and a £38million bet against United Utilities, according to analysis of short filings.

These short positions are bets their share prices will fall further in value.

A BLEAK PICTURE

JESSOPS — the camera chain owned by Dragons’ Den entrepreneur Peter Jones — has been served a winding-up petition by HMRC.

It has filed for insolvency three times in four years.

HMRC served notice on Tuesday to shut down Jessops if it does not pay due taxes.

The notice can be withdrawn if Jessops pays, according to The Times, which first reported the case.

Accounts show the firm, which was first rescued by Jones in 2013, has more than £12million in liabilities.

JIM ELEC’S TO PAUSE

Jim Ratcliffe has halted plans for his latest electric sports car with his Ineos Group
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Jim Ratcliffe has halted plans for his latest electric sports car with his Ineos GroupCredit: Jon Bond - The Sun

SIR Jim Ratcliffe has halted plans for his latest electric sports car with his Ineos Group — blaming slumping demand for battery-powered vehicles and tariff uncertainty.

The Manchester United co-owner had planned to launch a Fusilier sports utility vehicle in 2027.

Ineos said it was delaying the launch due to “reluctant consumer uptake of EVs and industry uncertainty around tariffs, timings and taxation”.

It added that as its EV would include a petrol engine “range extender”, it would technically be banned by 2030 under Labour’s Net Zero plans.

Vauxhall maker Stellantis last week said it would have to shut its UK car factories if tariff hikes on petrol cars do proceed.

TOPPSY-TURVY

PEOPLE are cutting back on home improvements, prompting a slump at flooring retailer Topps Tiles.

It said sales have fallen 9.7 per cent in the last three months due to “subdued demand” from consumers.

Topps has suffered a slowdown in the past year as customers spent less due to high inflation and with interest rates having been raised to their highest level since 2008.

The firm said the UK tile market is down between 10 per cent and 15 per cent compared with last year.

A SMART IDEA AIDS £15BN BID

VODAFONE is trying to allay fears about its £15billion merger with Three by giving up some mobile spectrum to rivals Virgin Media O2.

Mobile phone companies need a range of frequencies – known as spectrum – for users to make phone and video calls and access the internet.

Increasing smartphone and social media use has seen the need for faster spectrum.

Vodafone and Three’s planned tie-up would give the enlarged business 46 per cent of the UK’s mobile phone spectrum, according to Karen Egan, analyst at Enders.

She said that this dominance would “have been problematic for Ofcom”.

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Vodafone said that by giving up more spectrum to Virgin Media O2 it would “ensure quality mobile connectivity, choice and competition is enhanced”.

Ofcom is expected to give its initial verdict on the plans later this summer.

A GAME CHANGER

VIDEO games developer Keyword Studios has backed a £2.1billion takeover offer in a move that will see yet another London-listed company being taken private.

Swedish private equity firm EQT made a £24.50-a-share bid, a 66.7 per cent premium to Keyword Studio’s share price before talks became public.

Keyword provides services and software for blockbuster games including Fortnite and Assassin’s Creed.

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