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Boss of British Gas owner gets 44% pay rise as customers suffer more price hikes

Patrick Christys
Apr 8, 2019


When you think about British Gas, what comes to mind? Is it the endless price hikes that mean you're now paying more for your energy?

Maybe you then wonder where some of that extra cash is going? 

Well, let A Spokesman Said tell you: Right into the pocket of the ironically named Iain Conn, who runs the firm Centrica, which owns British Gas.

Conn by name...

And he's not just being paid a little bit more, oh no. Not Iain Conn - he's received a 44% pay rise. 44%. I'll say it again - 44%.

He's now on a cool £2.42m-a-year...because on his previous salary of £1.86m he was clearly struggling to make ends meet.

This will leave a bad taste in the mouth of British Gas customers, many of whom have seen the price of their tariff surge by £117 in response to Ofgem raising the price cap.

British Gas increased standard tariffs by 10% to an average £1,254 at the start of this month, affecting four million customers - in line with regulator Ofgem's energy price cap.

This led to 720,000 customers doing the old reverse ferret and switching energy provider.

And it's surprising to see British gas has got this amount of money to hand over to Mr Conn, considering it let 4,000 staff go due to a significantly reduced profits...

Remuneration figures published in Centrica's annual report showed Mr Conn was paid 72 times as much as a typical employee in the lower quartile of the company's salary range - a smart energy expert paid £33,718.

 

Scott Wheway, chair of the remuneration committee, said it had been "another challenging year" amid volatile markets and political intervention in the sector.

But he added that the committee "has been impressed by the resilience of the leadership team which has pulled together strongly to deliver against a wide range of targets".

Profits for Centrica's UK home energy supply division, which includes British Gas, were down by 19% to £466m, though the overall group's headline measure of operating profit rose 12% to £1.39bn.

So the next time you get a big bill from British Gas, maybe ask Iain Conn if he can chip in and help you pay it, he's not short of a few quid.

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