Brighton MP accuses Centrica of 'theft' after billion-pound profit

British Gas owner Centrica has seen profits increase to £1.34 billion for the first six months of the year, up from £262 million a year earlier, amid a surge in energy bills.

The MP for Brighton Kemptown called on the company to return each penny of its profit “with immediate effect” as millions struggle to pay bills due to the rising cost of living.

He said: “People will starve this winter, but the government’s failed energy cap - which is as good as a chocolate tea pot - and energy company greed has led to this.

“This is not ‘the global energy price’. 75 per cent of our energy is domestically produced - the cost of production has not increased.”

Average household energy bills are set to rise even further in the coming months

Experts have warned that the average household energy bill could hit around £500 in January alone, with the cap on bills set to hit £3,850 between January and April.

The latest forecast, hundreds of pounds more than prior predictions, comes after Russia further strangled the flow of gas to Europe amid the ongoing war in Ukraine.

While the UK gets very little of its gas directly from Russia, the price paid here is determined by what happens across the Channel.

If predictions made by utilities consultancy BFY Group come to pass, they will put enormous pressure on already squeezed households and would be a near-doubling of the current record price cap of £1,971.

The two candidates to replace Boris Johnson as Prime Minister have been increasingly asked what they plan to do to help people with energy bills if they win the election among Conservative Party members.

On the BBC’s Today programme this morning, Martin Lewis of MoneySavingExpert urged Rishi Sunak, Liz Truss and Boris Johnson to urgently intervene to come up with an action plan and prevent households from being hit with huge price rises ahead of winter.

“This isn’t the time for a flaccid government,” he said.