There’s been a lot of media interest in the problem of British Gas’s direct debit hikes.
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Almost all the people who responded to my email survey were facing increases far above both the 35% reported in the press and the 42% increase for direct debit customers reported by the Telegraph. The average figure was 81%.
The dramatic increase in interest income from British Gas parent, Centrica plc, suggests this is a deliberate strategy – building up cash balances to make money on interest. Since 2006, the interest income declared in their accounts has gone through the roof – doubling from £40 million in 2006 to £83 million in 2007. Interest in their interim accounts for first six months of 2008 (£43 million) is 54% higher than the £28 million interest income reported for the first six months of 2007.
I’d be amazed if it was just a Winchester problem and am interested in finding out who else has the same problem. Please feel free to email me with details at martin@martintod.org.uk or use the form below.