Big Boss Interview

Who should control Britain's biggest water company? Chris Weston, the chief executive of Thames Water, says he "completely agrees" with the Prime Minister that the industry, and Thames Water, needs greater public control. But he draws a clear distinction between stronger public accountability and public ownership, arguing that nationalisation or special administration could delay investment, increase uncertainty and ultimately leave taxpayers carrying the financial risk.Thames spent more than £1bn more than it received last year, with the shortfall currently funded by creditors. Under special administration, Weston says that funding would instead have to come from government while a new owner was sought. Full nationalisation, he argues, would place Thames Water's decade-long infrastructure programme on the public balance sheet alongside defence, health and education. His preferred solution is the proposal from more than 100 creditors to write off around £9bn of debt, inject fresh equity and rebuild the company under a model that promises no dividends for at least ten years. He argues this private-sector restructuring can sit alongside stronger public oversight, clearer government direction, greater regional representation and a more company-specific regulatory regime.The debate over ownership comes as Weston warns Britain faces a much bigger challenge. Drought, he says, is no longer an exceptional event but "the new normal". Despite an unusually wet January and February, no rain fell across the Thames Valley in July, exposing a shortage of water storage across the South East.Thames has not built a reservoir since Farmoor B in 1977. A replacement scheme proposed around 2010 was rejected after the company failed to make its case successfully, and Weston believes the region would not be facing a hosepipe ban today had it been approved. The proposed Whitehorse reservoir near Abingdon remains in the planning process and is not expected to begin filling until 2038, with another three years needed before it reaches capacity.Population growth, government housebuilding targets and the rapid expansion of data centres will place even greater pressure on supplies. Weston questions whether data centres should rely on drinking water for cooling, suggesting treated effluent from sewage works could provide an alternative. He also says households will need to become more mindful of how they use water, with government playing a greater role in encouraging behavioural change.Weston also makes a notable concession about how the industry reached this point. Customers, he says, have "paid too little for water for too long". Thames operates 440 treatment works and a network stretching four times around the circumference of the Earth. Keeping bills low, he argues, meant insufficient investment in maintaining and modernising ageing infrastructure, although he accepts the company's current debt levels are unsustainable.On pollution, Weston accepts Thames must improve but refuses to promise sewage incidents can ever be eliminated entirely. The company treats around 4.3 billion litres of wastewater every day and, he says, succeeds 99.5% of the time on average. Extreme weather, ageing infrastructure and illegal connections mean completely eliminating pollution incidents remains "very, very slim".Presenter: Simon Jack Producer: Olie D'Albertanson/Ollie Smith00:00 BBC Editor, Simon Jack introduces podcast 03:09 Chris Weston joins pod, explains Thames Water's situation 06:18 Bills were too low for too long. 09:32 Unrealistic targets, swage and pollution 12:31 Privatisation of Thames Water 14:50 What's on the table now? 17:28 Greater public control, special administration and nationalisation 28:41 Drought, reservoirs and the new normal 34:29 Staff abuse and his own pay

Nicole Melillo Shaw, Managing Director of Volvo UK, joins Big Boss Interview at a pivotal moment for the electric vehicle market, as the company recalls 10,500 EX30 electric cars following four battery fires globally.“It’s against everything we stand for,” she says, reflecting on a situation that challenges a brand built on nearly a century of safety leadership. Despite a global failure rate of just 0.02% and no fatalities, Volvo identified the root cause in late December and immediately instructed owners not to charge beyond 70% while a fix is implemented. Repairs are scheduled to begin in late March. For Volvo, the response reflects what she describes as a precautionary, safety-first culture, even when the commercial implications are uncomfortable.Melillo Shaw examines what the recall means for consumer confidence in electric vehicles — a technology already under heightened scrutiny — even though petrol vehicles statistically present a greater inherent fire risk due to flammable fuel systems.The recall comes as electric vehicle adoption remains slower than manufacturers once anticipated, despite annual growth exceeding 20%. Volvo’s UK electric sales peaked at 28% following the EX30 launch but have since stabilised at just over 22 per cent as more than 160 additional models enter the market and buyers opt for “one more petrol” or hybrid before fully switching.Range anxiety, she argues, is no longer the central issue, but infrastructure concerns persist. Confusing government messaging — pairing incentives with discussions of pay-per-mile charges and benefit-in-kind changes — continues to add to consumer hesitation.Global instability adds further complexity. Volvo has been regionalising production, partly in response to tariff pressures, building vehicles closer to the markets in which they are sold. That turbulence elevates the UK’s importance as Volvo’s third-largest market, where a direct-to-consumer model has delivered 40% growth and lifted market share from 2.5% to 3.5%.Government Zero Emission Vehicle mandates now require manufacturers to meet steep electrification quotas or face fines of £12,000 per non-compliant vehicle from November. Volvo discontinued diesel models in the UK in 2023 and says it could sell 100% electric vehicles tomorrow if demand existed. However, meeting regulatory targets while absorbing development costs and discounting pressures presents a commercial balancing act.Finally, Melillo Shaw reflects on her own trajectory — from Scunthorpe through healthcare brands to automotive leadership. Volvo deliberately recruited her because she had never bought a car, valuing the perspective of someone who understood the anxiety of a major purchase. She argues the industry must broaden access and challenge assumptions about who belongs in automotive careers, creating clearer pathways for talent from working-class communities.