Burnham has forced greater clarity at Thames Water. Now he must choose

Bondholders at Thames Water are now offering new ideas, including a "golden share" and greater supervisory structures for public control, after a credible threat of special administration forced clarity. The government's preference for a market-based solution under Starmer led to 18 months of weak proposals that failed to address the depth of the crisis. Now, with the bondholders showing flexibility, Burnham must choose the next step.