The capital spending by developer U+I is being cut by £33m this year. The reduction in capital arises due to the covid-19 pandemic. The company has also made 13% of its staff redundant, due to a £56.3m pre-tax loss during the year to March 31 2020. The losses occur because of revaluation of investment portfolio and provisions on historic projects.
However U+I have a lot to do with long term prospects that are streamlined, covering approximately £10.8bn of potential developments. Chief Executive if U+I, Matthew Weiner said that the last twelve months have been challenging, to say the least, and this is reflected in our results.