A BBC Panorama investigation reveals that Severn Trent Water is inflating its balance sheet by £1.68 billion through questionable accounting practices involving a shell company. Although the water company claims the investment helps represent its financial health, critics assert it misleads stakeholders and farmers regarding the company’s real value. Campaigners argue that the company’s inflated figures hinder investment in infrastructure improvements and pollution control, especially given the significant dividends paid by the company, which exceed its reported profits.