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British Gas profits treble amid cost of living crisis

ended 16. February 2023

British Gas owner Centrica has seen its profits soar to more than £3 billion for 2022 amid rocketing energy prices that have sparked a cost-of-living crisis. The energy giant reported underlying operating profits of £3.3 billion against profits of £948 million in 2021. Any thoughts, send them across as this story is BREAKING.

3 responses from the Newspage community

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Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
It’s difficult to criticise Centrica in light of these profits, as most have come from their generation arm and the price of the commodity is set internationally.

That said, the government could be doing more to ensure these unexpected profits from horrible geopolitical events to back into the public finances, they could increase the windfall tax payable if the public find it so unpalatable.
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Gaurav Shukla
Managing Director at Home Me Mortgages
British Gas/Centrica are not the first energy company to announce record profits while the rest of the UK have extremely high energy bills - and they won’t be the last either.

Power and greed take over these large companies. It will never change, unless these energy companies are publicly owned.
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Jonathan Burridge
Founding Adviser at We Are Money
On one hand, the profits will be paid out to shareholders, which are pension funds, investment companies, banks, businesses and individuals. so there is trickle-down. However, this is pure opportunism at the expense of many who are facing financial hardship. So it is more important to worry about our future or current financial position. If I was Mr Centrica I would be enjoying my bank balance, if I was sitting in a cold home with limited income I would be watching my pre-pay meter. Profit is not a bad thing, it is what is done with it that counts, these big firms should be pressed on their corporate social responsibility much harder in times of their plenty.