One of the world’s biggest sovereign wealth funds has declared it will not invest in the UK’s regulated water, electricity and gas utilities in a blow to Labour’s hopes of attracting major global investors.
Singapore sovereign wealth fund GIC is among a clutch of overseas investors to have concluded that it would not look at opportunities in the UK in the regulated utility sector in the wake of the crisis engulfing Thames Water, Britain’s biggest water company, it can be revealed.
The bruising sentiment was communicated to Steve Reed, the environment secretary, in a private meeting this month in the City offices of “magic circle” law firm Slaughter & May.
Having begun cordially, sources said the meeting quickly became “politely hostile” as investors responsible for