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Description

Description

“The COVID-19 lockdown will see household expenditure on energy increase in 2020. While consumption is up, wholesale energy prices have collapsed amid the pandemic. This is pushing down the cost of new deals which means households are able to make greater savings by switching to a cheaper tariff. This would help to partly offset the rise in energy bills due to increased consumption.”
– Claudia Preedy, B2B Analyst – 21 May 2020

This report looks at the following areas:

  • GDP shrinks by 2% in Q1 2020 with UK facing significant recession
  • Bank rate cut to historic low of 0.1% in response to COVID-19
  • Inflation looks set to fall sharply over coming months due to falling energy prices and weak demand
  • Households gloomy about their finances
  • Unemployment rate could reach 8% by the end of 2020

What's included

What's included

Table of contents

Table of contents

  1. Overview

      • What you need to know
        • Economic overview
          • Business health
            • Special focus: utilities
              • What’s next?
              • Economic Overview

                • GDP shrinks by 2% in Q1 2020 with UK facing significant recession
                    • Figure 1: UK GDP growth rate, 2012-19, (Annual % change)
                  • Bank rate cut to historic low of 0.1% in response to COVID-19
                    • Figure 2: Bank rate, 2008-20, by date of adjustment
                  • Inflation looks set to fall sharply over coming months due to falling energy prices and weak demand
                    • Figure 3: Consumer Price Index, February 2019 - April 2020, (12-month Rate)
                  • Households gloomy about their finances
                      • Figure 4: Average weekly earnings, total pay, January 2019 - March 2020, (three month average % change year-on-year)
                    • Unemployment rate could reach 8% by the end of 2020
                    • Business Health

                      • Business turnover continued to grow in 2019, but will slump in 2020
                          • Figure 5: UK business turnover, 2019, at the start of the year, by business sector, (£ million)
                        • Company insolvencies rise by 7% in 2019
                            • Figure 6: Underlying company insolvencies in England and Wales, Q3 2017-Q1 2020
                          • Profitability falls over 2019
                              • Figure 7: UK PNFCs net rate of return, Q3 2017-Q4 2019, (% return)
                            • Business confidence suffered before COVID-19
                              • Figure 8: ICAEW UK National Business ConfidenceTM index, Q1 2014 – Q1 2020
                            • Slight improvement in business investment intentions at the start of 2020 squashed by COVID-19 impact
                                • Figure 9: UK business investment, £ million, Q1 2015 – Q4 2019
                            • Special Focus: Utilities

                              • Electricity demand falls as many factories, shops, and offices close due to COVID-19
                                  • Figure 10: Scenario for COVID-19 related electricity demand reduction in Great Britain, summer 2020
                                • Trends in household energy consumption
                                    • Figure 11: Average UK domestic gas and electricity consumption, 2008 – 18, (in kWh)
                                  • Total household expenditure on energy
                                      • Figure 12: Total UK household expenditure on energy, 2010-19, (£ million)
                                    • The economic contribution of the energy and water and sewerage sectors
                                      • Figure 13: GVA generated by the electricity, gas, steam and air conditioning supply sector, 2013-18, (£ million at current price estimates)
                                      • Figure 14: GVA generated by the water supply and sewerage sector, 2013-18, (£ million at current price estimates)
                                    • Transition to low carbon economy drives capital investment in UK energy sector
                                        • Figure 15: Investment in the electricity and gas industries, 2011-18, (£ billion)
                                      • …But investment in clean energy has stalled since 2016 due to changes in government policies
                                        • Significant pick-up in clean energy investment required if UK is to meet its net zero target by 2050
                                          • Investment in water and sewerage industry
                                              • Figure 16: UK capital expenditure on water and sewerage services, 2015/16-2018/19, (£ million)
                                            • Brexit unlikely to affect energy and environmental policies
                                            • What’s Next?

                                              • COVID-19 derails business investment intentions and confidence
                                                • UK economy could shrink by 14% in 2020
                                                    • Figure 17: Forecast GDP development based on Bank of England illustrative scenario, 2020-21, (% change)
                                                • Appendix – Data Sources, Abbreviations and Supporting Information

                                                    • Abbreviations

                                                    About the report

                                                    This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:

                                                    • The Consumer

                                                      What They Want. Why They Want It.

                                                    • The Competitors

                                                      Who’s Winning. How To Stay Ahead.

                                                    • The Market

                                                      Size, Segments, Shares And Forecasts: How It All Adds Up.

                                                    • The Innovations

                                                      New Ideas. New Products. New Potential.

                                                    • The Opportunities

                                                      Where The White Space Is. How To Make It Yours.

                                                    • The Trends

                                                      What’s Shaping Demand – Today And Tomorrow.

                                                    Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

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