[2023] Motion 28 Regulation on corporate profiteering

carried motion
Carried motion

Received from:

Congress notes with concern reports in The Sunday Times on 15 January 2023, suggesting that at a time of an acute cost of living crisis for households with food inflation running at over 14 per cent, UK supermarkets are set to announce higher than anticipated profits.

Further notes that Tesco alone is set to forecast increased operating profits of nearly £2.5bn, significantly above its five-yearly average.

Shares the reported fears of industry insiders that the supermarket giants are benefitting from so-called ‘rocket and feather’ pricing, where prices rise sharply in response to an inflationary spike, only to remain persistently higher than necessary as the rate of inflation falls.

Is scandalised that corporate shareholders should be making excessive profits and more and more households are forced to use foodbanks.

Remains concerned that, despite these rocketing profits, the big retailers in the food and drink sector continue to place undue commercial pressures on their suppliers, leading to a further squeeze on the terms and conditions of workers across the food sector, and more suppliers closing sites or going into administration.

Notes that food workers, like other low-paid groups in society, are disproportionately impacted by the relentless increase in grocery prices.

Congress, therefore, agrees to join the Bakers, Food and Allied Workers union in calling for urgent regulatory action to tackle the plague of excessive corporate profiteering by the UK supermarkets and urges the government to introduce a statutory ‘right to food’ for everyone in our country.

Bakers, Food and Allied Workers Union