British Gas owner to cut 4,000 jobs blaming price cap and competition

Centrica profit falls nearly 20% as it expands cost-cutting drive to save extra 500m a year

Centrica, the owner of British Gas, will shed a further 4,000 jobs by 2020 as part of a cost-cutting programme, which it blamed on the government's energy price cap and fierce competition in the market.

Britain's largest energy company reported on Thursday a fall of 17% in operating profit to 1.25bn in 2017, owing to poor performance in its business energy supply and North America divisions.