Thames Water: big bonuses due from emergency £3bn loan ‘withdrawn’

Environment secretary makes announcement after company's chair said he may have misspoken' to MPs

Large bonuses due to be paid to Thames Water executives from an emergency 3bn loan have been withdrawn", the environment secretary Steve Reed said on Tuesday, after the Guardian revealed the chair of the company wrongly told parliament creditors had insisted" on the payments.

Reed told the environment, food and rural affairs (Efra) committee on Tuesday that the retention payment plan had been withdrawn by Thames Water. He said: I am very happy indeed that Thames have now dropped those proposals. It was the wrong thing to do. They have now withdrawn their proposal to make those payments."