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Energy bosses have money to burn

This article is over 10 years, 4 months old
Issue 2375

Energy bosses are piling on yet another hike in gas and electricity prices just in time for winter. SSE added 8 percent to the bills that millions already struggle to pay. But its profits are already surging to £5.6 billion.

SSE’s chairman is investment banker Baron Smith of Kelvin. Its chief executive took home £2.8 million in pay and bonuses last year. Then his former deputy Alistair Phillips-Davies took over and is already cashing in too.

Other firms look set to follow suit with another price hike—such as British Gas, run by Eton boy Sam Laidlaw on £2.4 million a year. But while the bosses laugh all the way to the bank, some 6.7 million people in Britain are now in fuel poverty.

Benefit cuts and wage freezes mean some of the worst-hit families can’t afford to heat their homes.



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