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Britain's waterways are heavily polluted with sewage due to years of illegal discharges by private water companies. A report by former Bank of England deputy governor Jon Cunliffe, commissioned by Prime Minister Keir Starmer, is expected to recommend stricter regulations and costly upgrades to the Victorian-era water system. The report may not advocate nationalization, but could suggest a more targeted regulatory approach focusing on individual company challenges rather than general benchmarking. The issue has sparked public outrage and criticism of the water companies' financial practices, with calls for increased investment from shareholders.

Prepared by Olivia Bennett and reviewed by editorial team.