I.O.U.

Investors see US Treasury securities as one of the safest possible bets, because the bonds - which are kind of like an IOU - are backed by the US government.

A bond is a bit like an IOU that can be traded in the financial markets.

While that may be technically correct, the £1.68bn value is based on an IOU that is ultimately backed up by Severn Trent Water itself.

It said it had managed to reach an agreement with IOU, but not Unite.

Since I can’t afford to buy Dad that engraved picture frame until Mrs. Gilbert can afford to pay me, I decide to give him a handmade IOU.