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| British Gas owner Centrica to cut 4,000 jobs blaming political intervention | British Gas owner Centrica to cut 4,000 jobs blaming political intervention |
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| British Gas owner Centrica is set to cut 4,000 jobs by 2020 after blaming “political and regulatory intervention” for a huge fall in profit. | |
| Group profits fell 17 per cent to £1.25bn as the energy supplier lost nine per cent of its domestic customers in the UK last year. | |
| Centrica said the majority of job cuts will be in the UK, but did not disclose where the cuts will take place. | |
| It said on Thursday that investment in new technology would cut £1.25bn off costs annually until 2020 and is set to create 1,000 additional jobs across three departments. | |
| “The combination of political and regulatory intervention in the UK energy market, concerns over the loss of energy customers in the UK, and the performance issue in North America have created material uncertainty around Centrica and, although we delivered on our financial targets for the year, this resulted in a very poor shareholder experience”, said Centrica’s chief executive Iain Conn. | |
| According to Ofgem, a UK Government plan to cap the most common gas and electricity tariffs could come into effect by Christmas this year. | |
| Prime Minister Theresa May in October vowed to tackle “rip-off energy prices”, while Labour leader Jeremy Corbyn has argued for public ownership of Britain’s energy system. | |
| Speaking to a parliamentary select committee in January, Ofgem chief executive Dermot Nolan said that for a cap on energy bills to come into force by the end of the year it would need to become law before politicians and lords break up for the summer recess in July. |