Chinese wealth fund pumps money in Thames Water
Chancellor George Osborne has spent a week in the region drumming up support for UK business and promoting his initiative to encourage foreign private investment to back infrastructure projects.
On Monday, he struck an agreement with the Chinese authorities to allow the City to become the preferred Western hub for offshore currency trading. The deal will see the City become the focal point of future trading of the Chinese currency, the renminbi (RMB), and bring closer ties to the Chinese economy.
Thames Water supplies 14 million customers and employs 4,500 staff, and has caught the eye of overseas investors. In December, the company received a cash injection from the Dubai-based SWF Abu Dhabi Investment Authority after it grabbed a 9.9% stake.
A Thames Water spokesman confirmed the deal but said the company could not give any further details at this time.