Tax specialist says 2020 utility investment fell back more than twice UK average

Investment by the UK utility sector fell by 24% in 2020 to £13.2bn with a 20% year-on-year fall in the final quarter according to tax relief specialist Catax.

Catax reported that, based on its analysis of Office of National Statistics data, the water and energy sectors drastically underperforming the UK average of a 10.2% fall last year compared with 2019.

Utility investment, reported Catax was £3.6bn in the final three months of 2020 which was 20.1% down year on year.

Catax chief, Mark Tighe, said, utilities were “struggling when compared with UK industry as a whole.”