Ultimately, it’s a matter of public support & political will. As the economist Maynard Keynes said: “Anything we can do, we can afford.”

1. Debt Assumption
The government could take on the debt, adding it to public finances. While it raises public debt, future water revenues could help offset it over time.

2. Renegotiation
The government might renegotiate with creditors to reduce the debt. A partial write-down could be justified as a move in the public interest, avoiding default.

3. Bond Issuance
Issue new government bonds to fund public ownership. Spread the costs over decades, with repayment covered by water service revenues.

4. Partial Compensation
Compensate shareholders less, arguing poor performance and debt mismanagement. This could spark legal battles but reduce upfront costs.

5. Raising Water Prices
Slightly increase water tariffs post-public ownership to generate revenue. It is a large ask, but with all monies going to investment, not dividends, one that could become more attractive over time and water quality improvements.

6. Wealth Taxes
Introduce a special levy on high earners or corporations to share the costs, easing the burden on most taxpayers/water customers.

The choice ultimately depends on public support, economic priorities, and political will. The £60bn debt isn’t insurmountable – but it would take bold decisions to manage.