THE GMB union has called for Britain’s biggest water firm to be nationalised if shareholders won’t agree to reduce its spiralling debts.

Thames Water warned today that turning around the company would “take time” as it revealed a 54 per cent drop in profits and 7 per cent rise in debts to £14.7 billion in the six months to October.

In June, then chief executive Sarah Bentley stepped down abruptly amid concerns over the firm’s financial security as it emerged that ministers were drawing up contingency plans for emergency nationalisation if it collapsed under the weight of the massive debt burden.