British Gas hikes energy bills

<p>Energy bills have been put up by British Gas.</p>

British Gas has announced a major increase in its energy prices, following in the footsteps of rival supplier SSE, which recently confirmed it is raising its tariffs.

It was announced by the firm yesterday (October 17th) that its dual fuel bills will rise by more than nine per cent from next month, with the average household annual energy cost set to go up by more than £120 a year as a result.

Ian Peters, managing director of British Gas Residential Energy, stated that the company is aware of the frustration of members of the public who are not seeing their wages keep up with the rising cost of living.

"We haven't taken this decision lightly, but what is pushing up energy prices at the moment are costs that are not all directly under our control," he said.

Although the move to put bills up by British Gas was roundly condemned, the share price of its parent company Centrica is slightly up in the early stages of this morning's trading.

At 08:41 BST, its stocks were selling 0.07 per cent up on the start of the day.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.