 Now, the UK's biggest water and sewage company, Thames Water, will be subject to special scrutiny over the next five years under plans set out by the regulator Ofwat. Thames Water is in crisis after shareholders halted new equity injections in March and its parent company defaulted on its debts. Our reporter James Wilcock has been looking at the details of this breaking story. James, just remind us of the backdrop to this first. Why is Thames Water in so much trouble?