Former Greater Manchester mayor Andy Burnham has officially assumed the role of Prime Minister following Keir Starmer's resignation. He now faces immediate pressure to address the cost-of-living crisis and infrastructure challenges.

A group of institutional investors holding £17bn of Thames Water debt is bolstering legal support amid speculation about a special administration regime. The consortium maintains its goal is a solvent restructuring while preparing for potential government involvement.

A consortium of creditors is preparing for legal action to challenge a potential government takeover of Thames Water, as they push their own £10bn rescue plan.