PRESS DIGEST-British Business - June 10

June 10 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

The Times

- Senior creditors of Thames Water have proposed a 5 billion pound rescue plan involving 3 billion pounds in equity and 2 billion pounds in new debt, contingent on Ofwat easing penalties.

- Oxford Ionics, a UK quantum computing start-up, has been acquired by U.S.-based Ion Q for $1.1 billion in a mostly share-based deal.

The Guardian

- The UK government has committed 14.2 billion pounds to build the Sizewell C nuclear power station in Suffolk, aiming to create 10,000 jobs, and support its net zero goals, alongside investments in small modular reactors and fusion energy.

- MPs are pressing the environment secretary to recover 18.5 million pounds in "retention payments" made to 21 Thames Water senior managers—equivalent to 50% of their base salaries—despite a government ban on bonuses at the company.

The Telegraph

- Energy Secretary Ed Miliband’s flagship carbon capture initiative faces collapse without an urgent 4 billion pound injection, despite already receiving nearly 22 billion pounds in public subsidies with industry leaders warning that without further government backing, key projects may stall and investment could shift overseas.

- John Lewis is set to reduce its staff partnership council from 57 to 43 members this autumn to speed up decision-making as part of its turnaround strategy, while reaffirming its commitment to employee governance and aiming to reinstate staff bonuses amid ongoing financial recovery.

Sky News

- British American Tobacco BATS.L has begun the search for a new chairman to succeed Luc Jobin, who will reach the UK corporate governance limit of nine years on the board by mid-2026.

- Chancellor Rachel Reeves has reversed a controversial policy by extending winter fuel payments to all pensioners earning 35,000 pounds or less, benefiting around nine million people and costing 1.25 billion pounds—still 450 million pounds less than the previous universal scheme.