AS BILLS PAIN HITS FAMILIES ... GAS BOSS DEFENDS PROFITS

MINISTERS TOLD TO DO MORE TO HELP HOUSEHOLDS

- Nicholas Cecil

THE boss of British Gas owner Centrica defended it raking in tens of millions of pounds in profits as families woke up today to sky-rocketing energy bills.

With the nation heading into the worst cost-of-living squeeze for nearly 70 years, energy firms faced growing questions over the profits they are making and the Government over whether it should be doing more to help struggling households. Centrica chief executive Chris O’Shea admitted the energy giant’s pre-tax profits jumped by more than £500 million from its oil and gas exploration and production businesses last year.

He insisted, though, that 80 per cent of the additional profits had gone to the Government, leaving the firm with about £100 million. Rejecting calls for a windfall tax, he also emphasised that profits from its retail arm had “reduced quite substantially” to just over £100 million.

As Centrica and other energy giants continue to make hefty profits, at least in parts of their businesses, the Government faced calls to take more decisive action on the cost-of-living crisis.

Experts warned that 2.5 million more households face being plunged into “fuel stress” due to soaring energy bills.

Repeating his call for a windfall tax on oil and gas giants to help struggling households by up to £600 with their bills, Labour leader Sir Keir Starmer told Sky News: “People are really struggling and I just don’t think the Government gets it.”