The danger of a lost neutral is greatest on TN-C-S (Protective Multiple Earthing) installations, which are the most common earthing arrangement in the UK. On a TN-C-S system, the supply neutral and earth are combined into a single PEN (Protective Earth and Neutral) conductor from the transformer to the property's service head. At the service head, the PEN conductor is split into separate neutral and earth conductors.
If the PEN conductor (or the neutral on the supply side of the split) becomes open circuit, the main earthing terminal (MET) at the property is no longer connected to the DNO's earth. Instead, the MET voltage rises to whatever voltage is being dropped across the loose connection by the load current. In a worst-case scenario, this can be up to 230V.
This means every piece of metalwork bonded to the MET — gas pipes, water pipes, central heating pipework, radiators, taps, boiler casings, and any Class I appliance — becomes live at up to 230V with respect to true earth. Anyone touching this metalwork while also in contact with true earth (standing on a wet floor, touching an outside tap) receives a potentially fatal electric shock.
This is why BS 7671 requires specific precautions for TN-C-S systems, including main protective bonding to gas, water, and oil pipework (Regulation 544.1.2) and restrictions on using PME earthing for certain installations such as petrol stations, caravan parks, and construction sites where the risk is considered too high.