«Water Thames» should be withdrawn today, Fergal Sharki believes.

Former Undertones singer Fergal Sharkey campaigns against sewage dumping in British rivers Photo: JEREMY SELVIN

Rishi Sunak must seize control of the waters Thames already this afternoon, with Britain's biggest supplier teetering on the brink of collapse, said campaigner Fergal Sharkey.

Mr Sharkey, who is also a music industry executive and former frontman of The Undertones, said the government should issue a coercive order to take control of suppliers rather than renationalize the water industry.

< p>He said: “There is another solution, and that is the power that the government has. This afternoon they can just issue writ of execution… in fact the government will take control of the management of these companies, leaving them in the private sector, and will explain in detail exactly what investments must be paid, what debts must be paid, what investments must be made. in infrastructure, what should be the salaries of managers, dividends.

“This can cause a lot of pain to shareholders who are putting very little money into these companies. This may take five or 10 years. But here's the thing, the upshot of all this [is that] you get a debt-free, future-oriented, profitable business.»

He said it would provide a solution for an industry that is currently being «very financially unstable». The water sector has piled up £60bn of debt, benefiting from years of low interest rates.

Where Thames Water operates

Mr. Sharkey's comments came last night as Whitehall was making contingency plans to transfer Thames Water to special management if necessary. The process will result in the taxpayer controlling and funding the company until a buyer is found.

Kemi Badenoch, business secretary, told broadcasters on Wednesday that she was «very concerned» about the state of Thames Water and added: «This is obviously a commercially sensitive situation and I know my colleagues in government are following this. what can we do.

“We need to make sure that Thames Water as an organization survives.”

Philip Dunn, MP, chairman of the Environmental Audit Committee, said if the government took over the water company, it «would not solve a fundamental problem for those who were overzealous [borrowing too much].» the problems «have been building up over some time».

He said: “The regulator clearly knew that the situation was developing. We have seen symptoms of this in terms of a sewer crisis, in terms of London's water supply, in terms of leaking pikes that are not being repaired.»