THE boss of the firm that owns British Gas has received a 44 per cent pay rise – as customers face energy bill hikes.
Iain Conn, chief executive of Centrica, took home £2.4million last year, according to the company’s annual report.
Iain Conn, chief executive of Centrica, saw his total pay rise 44 per cent to £2.4million[/caption]
It means he is paid 72 times that of a typical Centica employee, who earns £33,718.
Conn’s pay rise comes just days after British Gas raised standard tariffs by by ten per cent to an average £1,254.
The hike in prices affects four million customers – in line with regulator Ofgem’s energy price cap.
Centrica also announced last year that 4,000 jobs are to be axed to slash costs.
‘SIGNIFICANTLY LOST PROFIT’
The company blamed “significantly reduced profit” after losing 750,000 customers.
Centrica said the job losses, which are part of an extended cost-cutting programme, would fall mainly in its UK energy supply business.
In February Centrica warned that profits will hammered by £300million by the energy regulator’s price cap – news that caused shares to slump.
CUSTOMERS FACE TARIFF HIKES
Shares slumped on the news and are yet to recover.
Last July, the Government passed a bill which called on industry regulator Ofgem to impose a cap on all default energy tariffs.
The cap, backed by The Sun’s People Power energy campaign, would place a ceiling on an estimated 11million so-called standard variable tariffs (SVTs) for up to five years.
The Sun demanded a crackdown on the Big Six three years ago when we revealed their SVTs were ripping off families by nearly £400 a year.
Business Secretary Greg Clark accused the energy giants of “milking” millions of loyal, older customers so it could launch cut-price online deals.
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The Sun Says: The cap fits
THE energy giants have taken the mickey out of consumers for years.
The Government is right to put a cap in place to protect families from hugely unfair tariffs.
There are fears that the Big Six could drag the process out by taking legal action. They need to realise that they’ve been caught with their hands in the cookie jar and take their punishment.
The Government must see this one through to the end.