Andy Burnham's choice on what to do with the water industry in England and Wales will have to assuage the huge anger from the public and campaigners for clean water.

And it will not be long before Burnham will have to take responsibility for the actions of Ofwat, a government-controlled regulator.

, head of campaigns at , said:

Ofwat waving through yet more water bill hikes is an insult. For 30 years, where was the investment in our crumbling water infrastructure? Tens of billions went to investors while essential water and sewage works were neglected. We got leaks, pollution and soaring bills.

The prime minister wants greater public control of water companies. Now is the time to act.

Start with debt-laden Thames Water. Place it into the Special Administration Regime so it can be restructured in the public and environmental interest. No more blank cheques for failure.

Scotland and Northern Ireland's water suppliers are run by the government.

A close reading of 's comments on being allowed to charge more might suggest that he is yet to decide exactly how to actually achieve his promise of "more public control".

Burnham said he "will be looking at how we can give the public more control". That future tense does not seem to signal anything imminent. And to be fair, any British government is unlikely to start a complicated and potentially chaotic process of taking control of Thames Water in the middle of summer holiday season.

But the prime minister will be presented with an unpalatable choice by his officials: do you allow water companies to spend more – paid for with higher bills – or do you keep bills down and allow sewage to keep flowing into Britain's rivers and seas?

Some people believe full nationalisation could help to avoid that dilemma, but Burnham has only mentioned public ownership in the context of Thames Water, which is so debt-laden that it needs the largest corporate restructuring in British history to allow it to survive under new owners.

Need a guide on the tricky decisions ahead for Burnham? Here's one I made earlier:

Prime minister Andy Burnham has said he is "angry" over water bills after the government's regulator today granted permission for five companies to increase bills.

Burnham said the government was "looking at how we can give the public more control" in the water industry – although he did not add any more detail on what measures he might be considering.

Before he returned to parliament, Burnham vowed "more public control" of the privatised water industry, but he has not so far taken any action, including delaying a decision on whether to put Thames Water into special administration.

Burnham said, via Press Association:

I understand why people are angry – I am too.

The truth is customers have been asked to pay more for years, yet serious pollution incidents are at record levels and the pipes are still leaking.

None of which is the billpayer's fault, who should not be treated as a bottomless source of funding for other people's failures.

Customers cannot be treated as a blank cheque. Where water companies seek to pass unnecessary costs on to households, they will be challenged.

Our water industry has clearly not been working for people for far too long. That's why this government will be looking at how we can give the public more control and help keep bills as low as possible.

Chinese fast fashion retailer has reportedly lost a lawsuit in London against its bitter rival for alleged copyright infringement.

The two companies race to get new styles from Chinese factories to customers at prices that far undercut European rivals. Yet they have also engaged in tit-for-tat legal actions in the UK and the US, with each claiming the other is copying them.

Reuters reported that the latest claim in London's high court was brought in relation to photos of some products. Shein had claimed Temu used its photos to advertise copies of those products. From Reuters:

The ruling, which comes as Shein aims for a $30bn to $40bn valuation in a Hong Kong initial public offering, concerns the first round of their London legal battle. Thursday's ruling dismissed Shein's claims for copyright infringement and upheld Temu's counterclaim, seeking damages for having to remove listings when Shein obtained an injunction.

Temu's separate counterclaim, alleging that Shein broke competition law by tying fast-fashion suppliers to exclusive agreements, is due to go to trial next year.

A Shein spokesperson said the company was surprised by the ruling:

We do not believe that is the right outcome for brands and rights holders seeking to protect their copyright online.

The biggest winner on London's FTSE this morning is estate agent . The FTSE 250 member is up 8.9% after it announced a jump in underlying pre-tax profits.

Revenue rose 9% in the first half of 2026 to £1.22bn, giving it underlying pre-tax profits of £34.3m. That was up 47%, although profits were down on a statutory basis to £7m because of one-off costs related to the acquisition of the American investment bank Eastdil Secured.

Savills was helped by strong property demand in the US, where it reported investment volumes up by 24%.

However, the company said the UK lagged behind, with investment down 12% – in part because of the latest political disruption. Savills said:

Sentiment in the UK market was more affected by the escalation of the Middle East conflict and its impact on interest rates, and after a positive Q1, activity slowed as investors assessed its implications and latterly those of anticipated political change in the UK.

investment director said the results "painted a pretty gloomy picture for UK real estate". He said:

Savills's predictions of a slump in house prices through the remainder of the year will be good news for prospective purchasers but bad news for anyone looking to sell their home in 2026.

, group chief executive of , said there had been "significant improvement in Savills's performance". He said:

Looking forward, the enlarged group's pipelines are strong, and although transaction timelines are hard to predict in the current environment, I am confident that we are well positioned to deliver value to our clients, colleagues and shareholders.

The number of UK households behind on their mortgage payments fell in the second quarter, according to banking lobby group UK Finance.

There were 77,940 homeowner mortgages in arrears of 2.5% or more of the outstanding balance in the second quarter of 2026, down 1% on the previous quarter, the group said on Thursday.

The figures suggest that, despite the cost of living pressures that are dominating prime minister Andy Burnham's thinking, UK households' finances may not be in too bad a state relative to other recent periods. That in turn might help explain the resilience of the UK economy this year.

Repossessions of houses from people who have not paid their mortgages also fell, and "are significantly below the long-term average", UK Finance said. There were 1,150 repossessions, 8% less than in the previous quarter and 14% less than one year previously.

, president of National Association of Estate Agents Propertymark, a separate lobby group, said:

While these figures are encouraging, it is important not to lose sight of the financial pressures that continue to affect homeowners and landlords. The reduction in mortgage arrears and repossessions is welcome, but affordability remains a challenge for many across the housing market.

Europe's industrial production remained in June, but that was a slightly better result than expected.

Industrial production in the eurozone remained unchanged, and was up by 0.2% in the EU, according to first estimates from Eurostat, the statistical office of the European Union.

That was marginally better than the 0.1% expected by economists polled by Reuters. In May 2026, industrial production grew by 0.3% in the eurozone and the EU.

However, Europe's economy will do well to sustain output over the rest of the summer – particularly given the European droughts that have caused low water levels in the Rhine river, a crucial conduit for Germany's industry.

Germany's inland navigation agency, WSV, on Tuesday said the navigable water depth at the chokepoint of Kaub near Koblenz was 15 cm on Tuesday, below the previous lowest recorded ​level of 25 cm in 2018. With no sign of rains to refill the waterways, the river may remain difficult for fully laden ships to navigate for some time.

Enough new projects were proposed last year to increase global supplies by 2.5bn tonnes a year, an increase of 11% from the year before, even as demand for coal plateaus, according to a new report.

Global Energy Monitor, an NGO, found that ignited a rise in new coalmine proposals in 2025 despite a global slowdown in the number of mine openings because of falling demand for the fossil fuel.

The increase was driven almost entirely by the states of Jharkhand and Odisha, which doubled their proposals for new coalmines in line with an ambitious plan from India's ministry of coal to increase the country's output.

You can read the full story here:

in the UK constantly complain that they are being forced into unsustainable to sell electric cars. Yet it is a similar picture for petrol and hybrid cars as well, according to data from Insider Car Deals.

In fact, the average discount on a hybrid car has risen above that on petrol cars, as carmakers try to attract buyers. The average hybrid saving rose from 8.7% to 11.0% in 12 months, now worth £6,045, Insider Car Deals said.

Petrol discounts average 10.3%, or £4,599. Discounts on EVs are still ahead of hybrids, at 11.9%, or £6,455, although average EV savings have actually fallen over the past year.

, founder of , said:

For the last few years the really eye-catching new-car discounts have tended to be associated with electric cars. What is interesting now is just how quickly hybrids have caught up.

The average hybrid saving has gone from 8.7% to 11% in a year and is now ahead of petrol. At the same time, the average discount on an EV has actually edged backwards.

The Audi A5 plug-in hybrid was the most discounted in the company's data, with an average saving of 24.7%.

Speaking of datacentres, there are some interesting stories around today about one of the companies driving the boom.

, the maker of the Claude chatbot, is expected to target a valuation of $2tn or more in a float this autumn, the Financial Times reported. It said:

Half a dozen of the company's backers told the FT that Anthropic's rapidly rising revenue would enable it to more than double its current valuation in a planned autumn float. A listing at that level could unlock billions of dollars in gains for the five-year-old company's early investors but would also test public markets that are growing more nervous about the AI boom. Anthropic's backers say booming demand for the lab's advanced AI models and tools justifies their lofty expectations.

The valuation would raise pressure on its big rival, OpenAI, which is also planning a stock market float. It would also confirm chief executive as one of the richest people in the world.

Anthropic is also on the hunt for takeovers. Bloomberg reported the company is in talks to buy the artificial intelligence startup for about $6bn, citing to people familiar with the matter. It said:

Decart makes so-called world models, which aim to simulate the physical world, as well as software that can reduce the cost of training AI by helping chips work more efficiently. The latter tech could help Anthropic's existing infrastructure absorb more demand, according to a person familiar with the matter. Anthropic, which rarely makes large acquisitions, has been spending heavily on computing power to develop new products and serve customers.

Five English will be allowed to further to fund an extra £3.4bn in spending on infrastructure for datacentres, new housing, and to try to scrub harmful "forever chemicals".

will be allowed the largest bills increase of an average of £43 in the 2027/28 financial year, and £37 in 2029/30, Ofwat, the regulator for England and Wales, said on Thursday.

The government introduced a process for companies to appeal for more cash if costs change within the five-year periods in which bills are set. Nevertheless, the extra spending is likely to prove controversial, given the scrutiny on the privatised water companies' failings – and large executive pay packets.

13 water companies asked Ofwat to be allowed to raise customer bills to fund works valued at £4.3bn. Ofwat granted permission for £3.4bn in works, but only five of the companies will be able to raise bills.

bills will rise by £4 and then £7 for its customers in south-west England. , supplier to London and the Thames valley, will be allowed to charge another £3 and then £5, as will , supplier to Bristol, the Midlands and east Wales. will be allowed to charge another £1 in 2029/20.

Ofwat said the some of the works funded would include supplies to datacentres in Manchester, which have large water needs for cooling, more infrastructure for tourists in Newquay, Cornwall, and upgrades to Wessex Water's waste treatment works to remove non-stick "forever chemicals", formally known as Pfas stands for per- and polyfluoroalkyl substances.

, executive director for delivery at, said:

The cost change process strengthens the ability of companies to deliver without delay. The newly agreed funding will help unlock much-needed new housing development and boost business growth across a range of sectors, as well as improving drinking water quality and the removal of PFAS and forever chemicals.

We will track performance to ensure companies are delivering the expected improvements for customers and the environment. If they don't, expenditure can be clawed back.