British Gas plc
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| Company type | Public |
|---|---|
| Industry | Utilities |
| Predecessor | British Gas Corporation |
| Founded | December 1986 |
| Defunct | February 1997 |
| Successor | British Gas |
| Headquarters | |
Area served | Great Britain |
| Products | Gas Electricity Boilers and central heating Plumbing and drains Solar paneling Home appliance services |
British Gas plc was an energy and home services provider in the United Kingdom. It was formed when the British Gas Corporation was privatised in December 1986, as a result of the privatisations instigated by the government of Margaret Thatcher.[citation needed]
History
The company was formed when the Conservative Government, led by Prime Minister Margaret Thatcher, introduced the Gas Act 1986 in which led to the privatisation of the British Gas Corporation, and on 8 December 1986 its shares floated on the London stock market. To encourage individuals to become shareholders, the offer was intensely advertised with the "If you see Sid...Tell him!" campaign.[1]
In June 1991, chairman 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 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.[2]
References
- ^ "British Gas Privatisation and the Search for Sid". Financial Times. Retrieved 27 July 2021.
- ^ "1991: Anger over chairman's 66% pay rise". BBC News. 21 June 1991.
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