Thames Water defers controversial £2.5m in bonuses to bosses

Heavily indebted utility puts back ‘retention payments’ for 21 executives until new year amid search for rescue deal

Thames Water has deferred awarding bosses retention payments totalling £2.5m, avoiding a potentially damaging pre-Christmas row as the heavily indebted utility scrambles to agree a multibillion-pound rescue deal.

Sources at the UK’s biggest water company confirmed the controversial retention payment package for 21 senior executives, which had been due to go out this month, would remain on hold until the new year.