No corporation tax for water firm

The UK's biggest water company paid no corporation tax and received £5 million credit from the Treasury during a year in which revenues rose to £1.8 billion.

Thames Water made £549 million in underlying pre-tax profits as it hiked bills by an inflation-busting 6.7%, while customer satisfaction dipped and hundreds saw their homes flooded by sewage.%VIRTUAL-SkimlinksPromo%