A natural monopoly delivering an essential service, Thames Water was privatised in 1989 with no debt. Now it's on its knees, crushed by more than £15bn of borrowings. Neil and Jonathan talk to Feargal Sharkey about what this says about Mrs Thatcher's most controversial privatisation, whether incentive regulation works, and whether we should just scrap the whole private structure and start again.

Presented by Jonathan Ford and Neil Collins.

With Feargal Sharkey.

Produced and edited by Nick Hilton for Podot.

In association with Briefcase.News

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