The ailing business is saddled with debts which stood at just under £16bn at the end of September.

The firm has said customer bills need to rise or else it will not be able to recover from its financial crisis. However, if the company does collapse, water supplies will not be affected.

Water firms across the UK have faced a fierce backlash over sewage discharges and pipe leaks in recent years, but Thames has been in the spotlight given its debt pile, and the fact one in four people in the UK rely on it.

Critics have argued the water industry has historically neglected investment in favour of paying executive bonuses and shareholder dividends.

But on Tuesday, Mr Weston defended bosses getting £770,000 in bonuses.

“I completely understand that there are customers out there who struggle with their bills,” he added, pointing to bills support offered to about 377,000 customers in the last year.

Mr Weston, who was hired in January, was also awarded a bonus of £195,000 for his first three months at the company.

The regulator Ofwat recently blocked three companies, including Thames, from using customer money to pay executive bonuses as bills have steadily increased.