British Gas plc: Difference between revisions
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{{More citations needed|date=July 2021}} |
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{{For|the succeeding company owned by [[Centrica]]|British Gas}} |
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{{Infobox company |
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| name = British Gas plc |
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| logo = British Gas (old).png |
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| type = [[Public company|Public]] |
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| foundation = {{start date|1986|12|df=y}} |
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| defunct = {{end date|1997|02|df=y}} |
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| predecessor = [[British Gas Corporation]] |
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| hq_location_city = [[Reading, Berkshire|Reading]] |
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| key_people = |
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| industry = [[Utilities]] |
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| products = [[Natural gas|Gas]]<br />[[Electricity]]<br />Boilers and central heating<br />Plumbing and drains<br />Solar paneling<br />Home appliance services |
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| area_served = Great Britain |
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| Group turnover = |
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| operating_income = |
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| num_employees = |
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| parent = |
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| subsid = |
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| homepage = |
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| footnotes = |
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}} |
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'''British Gas plc''' was an energy and home services provider in the United Kingdom. It was formed when the [[British Gas Corporation]] was [[Privatization|privatised]] as a result of the [[Gas Act 1986]], instigated by the government of [[Margaret Thatcher]] and superseding the [[Gas Act 1972]].<ref>{{cite web|url=https://api.parliament.uk/historic-hansard/lords/1986/apr/10/gas-bill|title=Gas Bill|work=Hansard|date=10 April 1986|accessdate=27 July 2021}}</ref> |
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==History== |
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The company was formed when the Conservative Government privatised the British Gas Corporation, in December 1986 its shares floated on the London stock market.<ref>{{cite news|url=https://www.theguardian.com/money/2011/nov/12/shares-moneyinvestments|title=Tell Sid that British Gas shares are now worth a packet|newspaper=The Guardian|date=12 November 2011|accessdate=27 July 2021}}</ref> To encourage individuals to become shareholders, the offer was intensely advertised with the "If you see Sid...Tell him!" campaign.<ref name=lords>{{cite news|url=https://www.ft.com/content/76bfe9c8-9706-11dc-b2da-0000779fd2ac|title=British Gas Privatisation and the Search for Sid|newspaper=Financial Times|accessdate=27 July 2021}}</ref> The privatisation was criticised by [[Hamish Gray, Baron Gray of Contin|Baron Gray of Contin]] who said it broke a key part of the Conservative's [[1983 United Kingdom general election|1983 manifesto]] that the party would not simply replace one monopoly with another; at the time, British Gas was the only organisation that could supply gas to anyone in the country.<ref name=lords/> |
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In June 1991, chairman [[Robert Evans (businessman)|Robert Evans]] sparked controversy by accepting a pay rise of 66%, ten times above the rate of inflation at the time. This took his salary from £222,000 to £370,000, a pay rise which was condemned by the [[Labour Party (UK)|Labour Party]] as "sheer unbridled greed". This followed allegations of greed against the organisation a month earlier, when it reported a 42% rise in pre tax profits.<ref>{{cite news| url=http://news.bbc.co.uk/onthisday/hi/dates/stories/june/21/newsid_2518000/2518297.stm | work=BBC News | title=1991: Anger over chairman's 66% pay rise | date=21 June 1991}}</ref> |
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==References== |
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{{Reflist}} |
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{{Authority control}} |
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[[Category:Natural gas infrastructure in the United Kingdom]] |
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[[Category:Non-renewable resource companies established in 1986]] |
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[[Category:1986 establishments in the United Kingdom]] |
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Latest revision as of 22:08, 18 December 2023
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