British Gas will donate 10% of profits to help cut energy bills

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British Gas has pledged to donate 10 percent of its profits “for the duration of the energy crisis” to support families grappling with rocketing bills.

The supplier said the thousands of customers most in need of help would receive an average grant of £750 per household through the British Gas Energy Support Fund, in an announcement made a day earlier, asking regulator Offgame to confirm plans to raise its price. are supposed to. In October the maximum limit increased by 80 percent to £3,553.

The supplier’s pre-tax profit in the first half of 2022 was £98m, meaning its initial contribution would be £9.8m, but it has pledged to increase it to £12m immediately at the peak of winter energy use.

British Gas said it is offering the largest voluntary aid package of any UK energy supplier, with funding totaling £18m over the past eight months, including new funding that will be returned in early 2022 .

“The current cost of living crisis requires all of us to think differently,” said Chris O’Shea, chief executive of Centrica, the parent company of British Gas Energy.

“Giving 10 per cent of our profits for the duration of the energy crisis would mean we can help those who need it most. This increased investment in supporting our clients adds to the financial support and mentorship we already offer and ensures that more grants will be available this winter.

It follows a call for action to “protect businesses, livelihoods and jobs” in a letter to Boris Johnson, Chancellor Nadim Zahavi and both candidates for the Tory leadership.

Trade group urges politicians to consider Covid-style grants for small and medium-sized firms, a temporary 5 percent cut in VAT, and strengthen regulation should be given more power to Offgame, warns : “We just can’t stand to see another month of the same old news. ,

Rishi Sunak has vowed to spend nearly £5bn on support targeted for the most vulnerable through the benefits system when he enters Downing Street, but frontrunner Liz Truss has yet to commit to making any more direct payments Instead of cutting taxes, stopping green levies, supply-side reforms and targeted investment sectors.

But on Thursday, the Resolution Foundation think tank warned that Conservatives should “think the unthinkable” and consider raising income taxes to further support struggling families, calculating that a 1 percent increase – largely for the UK. Funded by the fifth wealthiest families – will raise £9.5bn per year.

Continuing the ongoing wave of petitions for direct government intervention, who is the consumer watchdog? Urged ministers to increase the existing bill exemption by at least 150 per cent or risk putting lakhs of families in financial trouble.

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