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Senior Whitehall officials fear Thames Water’s financial collapse could trigger a rise in government borrowing costs not seen since the chaos of the Liz Truss mini-budget, the Guardian can reveal. Such is their concern about the impact on wider borrowing costs for the UK, even beyond utilities and infrastructure, that they believe Thames should be renationalised before the general election. Officials in the Treasury and the UK’s Debt Management Office fear that, unless the UK’s biggest water company is renationalised as soon as possible, “prolonged uncer...

Petrofac tumbled on Monday as it announced a delay to the publication of its full-year results and said it may have to convert a significant proportion of its existing debt to equity.

London stocks rose in early trade on Monday following another record high at the end of last week.

US stocks bounced back strongly on Friday with the Nasdaq surging more than 2% with the Magnificent Seven tech giants providing a huge boost following strong results from Microsoft and Alphabet.

European shares were higher on Friday as strong earnings from tech giants Google and Microsoft lifted the gloom hanging over markets.