While we were all flapping about lockdowns, the UK’s entire system of regulating the prices of utilities was fatally undermined last month. The Competition and Markets Authority over-ruled Ofwat, the water regulator, and awarded higher returns to Anglian, Yorkshire, Northumbrian and Bristol water companies.
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An early proponent of dividend recaps – the financial two-step where equity capital is replaced by debt – was Thames Water.
It would be disastrous for the Chancellor’s “growth agenda” to penalise AIM investors.
Neil and Jonathan talk to Ed Conway about the raw materials that drive our economies and who controls them.
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