British Gas make obscene profit while Lloyds cough-up £700m
Centrica, who own British Gas, are making a terrifying amount of money. Their profits have increased by 23pc in the first half of the year, which is a kick in the teeth for all of us who can't afford to pay our bills.
If you want it in stark figures, they're making £1.9m in profit... per day. Profits at British Gas Residential lifted to £345m in the six months to June 30th. This is largely thanks to their higher prices, sneaked in under the radar because, while they dropped electricity prices in January, it didn't cancel out the 16pc rise in August, which was the same time as gas bills going up by 18pc.
Richard Hall, head of energy regulation at Consumer Focus, said: "Wholesale prices rose a little earlier in the year but are now falling and they are still a long way from their peak in 2008. We have long questioned whether drops in wholesale costs find their way through to household bills."
Meanwhile, over at Lloyds bank, they're pissing money and they've reported a loss for the first half of the year of £439m, thanks to having to put aside a further £700m for PPI claims. That means a whopping £4.25bn is the running cost for the PPI scandal. Some parts of the Lloyds group have received subpoenas as part of an investigation into their part in the rate rigging scandal too.
Nice to see at least one big company getting kicked around, eh?