British Gas plc
| File:British Gas (old).png | |
| 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 as a result of the Gas Act 1986, instigated by the government of Margaret Thatcher and superseding the Gas Act 1972.[1]
History
The company was formed when the Conservative Government privatised the British Gas Corporation, in December 1986 its shares floated on the London stock market.[2] To encourage individuals to become shareholders, the offer was intensely advertised with the "If you see Sid...Tell him!" campaign.[3] The privatisation was criticised by Baron Gray of Contin who said it broke a key part of the Conservative's 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.[3]
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.[4]
References
- ^ "Gas Bill". Hansard. 10 April 1986. Retrieved 27 July 2021.
- ^ "Tell Sid that British Gas shares are now worth a packet". The Guardian. 12 November 2011. Retrieved 27 July 2021.
- ^ a b "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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