Final UK interest rate decision of the year, as Spain’s Navantia agrees a deal to purchase Harland & Wolff’s four shipyards

• Thames Water to get green light to hike bills by more than a third by 2030

Thames Water has been fined £18.2m for paying “unjustified” dividends to shareholders.

Ofwat has ruled that Thames breached its licence obligations by paying £37.5m of interim dividend payments in October 2023, and a further £158.3m in March 2024.

“Ofwat’s £18 million penalty and clawing back the value of £131 million in unjustified dividend payments is a clear warning to the whole sector: We will take action against companies who take money out of these businesses, where performance does not merit it.”