Thames Water has revealed it is nearly £17billion in debt less than 24 hours after announcing a hosepipe ban that will affect 1.1million Brits.
The under-fire water firm revealed on Tuesday morning it has slumped to a £1.65 billion annual pre-tax loss from profits of £157 million the previous year and saw its debt mountain increase to £16.8 billion.
Yesterday, the company announced a hosepipe ban will begin next Tuesday for customers in Oxfordshire, Gloucestershire, most of Wiltshire and some parts of Berkshire.
The water company said the measure will be brought in after the Environment Agency placed its area into the “prolonged dry weather category”.
The ban will begin on July 22 for customer in all OX postcodes, all GL postcodes, all SN postcodes as well as customers in RG4, RG8 and RG9 postcodes.
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