Unite: Supermarkets and the food industry fuelling ‘greedflation’ must be held to account

• Workers and communities need action not a PR event at Number 10 then back to business as usual

Commenting on the news that supermarkets, farmers and food industry leaders are meeting the prime minister today to discuss how to tackle food price inflation, Unite general secretary, Sharon Graham said: “When millions of workers are struggling to feed their families Britain’s biggest supermarkets are engaged in a grotesque display of profiteering. Profiteering is also happening right across the supply chain. Industries are choosing to take advantage of a crisis, resulting in the spiralling prices of goods we all need.

“Britain’s biggest supermarket Tesco has made £3 billion in profit in two years, while their shareholders receive a £1 billion share buyback bonanza. So far, the government have done absolutely nothing to reduce these staggeringly excessive profits of supermarkets like Tesco. Unite research has shown that Sainsbury’s and Morrisons are on the same page. 

“Workers and communities need action not a PR event at Number 10 then back to business as usual. The government must act and take on the profiteers fuelling greedflation.”

ENDS

Recent Unite research, analysing the FTSE 350 shows how profit margins for the first half of 2022 were 89% higher compared to the same period in 2019