British Gas boss gets 44% pay rise to £2.4MILLION despite hiking bills for millions and axing 4,000 jobs

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.

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.

most read in news

Spreading opportunity

Get help to find a new job later in life

Spreading opportunity

Is it time to start the next chapter of your career?

JOB LOT

The ten regions with the most job vacancies revealed & which industries are hiring

Rise and shine

Your one-stop career shop


Source: Read Full Article