Utility firms highlight £21bn of investment

Yorkshire Water, Northumbrian Water, Northern Gas Networks and Northern Powergrid say they are working together to boost the fortunes of Yorkshire and the North East.

They point to rolling programmes which add up to a £21bn package of infrastructure improvements, which amounts to more than £5.7m a day.

Richard Flint, chief executive of Yorkshire Water, said: “As four of the biggest utilities in England, we don’t just pump water and energy into our regions; we also pump millions of pounds into the local economy.”

An independent report from Leeds University and Edge Analytics claims that for every £100 of capital and operational expenditure by the four utilities, a further £93 is generated within the wider northern regional economy.

Danny Alexander, Chief Secretary to the Treasury, praised the companies for “helping us take steps towards recovery”. He said: “It’s encouraging to see these four major utility companies... potentially generating over £40bn of growth in those areas over the next 10 years.”

Water firms, including Yorkshire and Northumbrian, have come under fire from industry regulator Ofwat in recent weeks for paying excessive returns to their owners at a time of austerity.