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Thames Water has apologised to MPs for inflicting “confusion” when it beforehand described a £500mn shareholder mortgage as fairness.

The corporate, which supplies water to round 25 per cent of the inhabitants in England, is scuffling with £18.3bn of debt.

Sir Adrian Montague, the chair, stated he was sorry if the administration had brought about “confusion” when it described the shareholder contribution as fairness when it was truly a convertible mortgage charging 8 per cent.

However he instructed parliament’s surroundings choose committee that he nonetheless stood by that phrasing.

“In July we described the shareholder contribution of £500mn as fairness. That’s an outline that has been fiercely challenged. We stand by what we stated. If we weren’t clear sufficient in unpacking the totally different parts of that . . I’m sorry if we brought about any confusion,” he stated.