The failure led to more than 2,000 flights being cancelled and hundreds of thousands of passengers affected.

Administrators say about £489,000 was owed for staff wages and holiday pay and £2.4m was owed to HMRC for unpaid VAT.

A report on the future of Thames Water, urging the government to take action, has been published.

Central banks around the world have hiked rates as high energy prices are pushing up inflation.