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Centrica announces job losses

In a bid to tackle a loss in profits Centrica has announced it will cut 4,000 jobs in the next two years.

The Windsor-based parent company of British Gas made the announcement today.

Centrica’s group chief executive Iain Conn said the job losses are part of cost cutting measures after 2017 profits fell 17 per cent.

He said the losses were a mixture of ‘political and regulatory intervention’ into the UK energy market and a loss of customers.

In response to 2017’s ‘poor shareholder experience’ Mr Conn said: We regret this deeply, and I am determined to restore shareholder value and confidence.”

The company aims to save a total of £1.25 billion a year by 2020.

But Matt Lay, national energy officer for UNISON warned that the company was not out of the woods yet.

“Staff quite simply will be devastated,” he said.

“Although Centrica has already shed thousands of jobs, it’s nowhere near out of the woods, and there’s much more misery to come.”

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