FIVE former regulators sparked uproar by blasting Theresa May’s radical plans to tackle Britain’s Big Six energy giants.
The bigwigs including, ex-Ofgem boss Callum McCarthy, were slammed for being out of touch as they claimed a cap on gas and electricity prices wasn’t needed and would affect competition.
Despite inflation busting price hikes so far this year, they insisted that customers were not being ripped off and energy firms were not raking in “excessive” profits.
The blast came as British Gas revealed its boss Iain Conn took home a whopping £4.15 million in 2016 – a 40 per cent pay rise.
Theresa May last week vowed to “step in” and fix the energy market in an unprecedented condemnation of greedy energy companies. The PM said the market was “manifestly not working” and pledged to roll out imminent reforms.
Citizens Advice backed her and panned the regulators for forgetting the needs of millions of long-suffering customers.
Gillian Guy, chief executive of Citizens Advice, said: “Hard-up loyal customers will keep paying the price for the energy market’s failures if nothing is done.
“Some of the poorest pensioners and families are paying £141 more each year to heat and light their home because they are on the more expensive standard variable tariff.
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“This is clearly not a market that is working for everyone, and we’re pleased the Government has recognised this.”
The five ex-regulators also included Claire Spottiswoode, the former head of Ofgas, and Stephen Littlechild, the UK’s former head of electricity supply.
Campaigners said the group ignored the fact a serving exec on the Competition and Markets Authority – Martin Cave – believes the Government should slap a cap on prices for two-years.
Richard Lloyd, the former boss of Which?, told the Sun: “Today’s regulators, Parliament, small energy suppliers and millions of customers all agree that vulnerable people are being massively ripped off and are crying out for tougher action.
“Big suppliers have had years to show that they can be more efficient and consumer friendly.
“Waiting years longer will ignore the cry for help now from huge numbers of vulnerable customers.”