Reeves says Thames Water should find ‘market-based solution’

Chancellor aims to reassure creditors but says ministers are planning for all options including special administration

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Rachel Reeves has told investors she would like to see a “market-based solution” for problems at Thames Water, rather than placing the company into special administration.

The chancellor sent a letter in July to the Thames Water creditor group, which represents about 100 financial institutions that are trying to create a rescue plan for the company.