British Gas drops prices by 5% in move that may benefit 7 million customers

Company criticised after wholesale gas prices fall 20% on last year, as big six accused of collecting £1.2bn in excess profits in recent industry survey

British Gas has cut prices by 5% just days after a financial regulator accused the big six energy suppliers of amassing £1.2bn of excess profits in the five years to 2013.

The company said the reduction in gas bills from 27 August would benefit nearly 7 million customers, but critics argued the cuts were not as deep as they should have been and noted that electricity prices were left untouched.

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