Thames Water steps back from regulator revolt

UK's largest water firm opts not to join rebellion against Ofwat's crackdown on profit levels

Thames Water has backed down from the water industry rebellion against the regulator by accepting Ofwat's toughest crackdown on profits.

The UK's largest water supplier gave "careful consideration" to joining the industry's first rebellion against Ofwat, in which three major water utilities plan to challenge the regulator.