Thames Water could be taken over by the Government, with its £15 billion debt added to the public purse, reports have suggested. A blueprint codenamed Project Timber is being drawn up in Whitehall, according to the Guardian newspaper, which could see the UK’s largest water company effectively nationalised. Under the plans, the company – which serves 16 million customers in London and the Thames Valley region – would be placed in a form of special administration in the scenario that its parent company fails. Once under the stewardship of ministers, it could be broken up into two separate companies serving London and the Thames Valley, the newspaper said, though the Government and water regulator Ofwat remain optimistic this will not happen. Some of Thames’ lenders could lose more than a third of their investment under the plans, according to the reports. There is deep concern within Westminster about Thames Water’s finances, with multiple MPs having raised concerns about its struggle for cash to stay afloat in the Commons. The Government would not be drawn into directly commenting on the contingency planning, with the Department for Environment, Food and Rural Affairs (Defra) only saying it prepares for a “range of scenarios”....