Greedflation: study shows prices ‘significantly’ bloated by profiteering
French stormed the Paris stock exchange in protest at greedflation: the British just put up with it like sheep.
Remember when the Tories were telling us we couldn’t have pay rises because that would push inflation up – and This Site (among others) said it was a lie?
Turns out we were right:
Profiteering has played a significant role in boosting inflation during 2022, according to a report that calls for a global corporation tax to curb excess profits.
Analysis of the financial accounts of many of the UK’s biggest businesses found that profits far outpaced increases in costs, helping to push up inflation last year to levels not seen since the early 1980s.
The report from the IPPR and Common Wealth thinktanks found that business profits rose by 30% among UK-listed firms, driven by just 11% of firms that made super-profits based on their ability to push through stellar price increases – often dubbed greedflation.
The article lists the worst offenders and explains why they got away with it:
Among the companies that increased their profits most from the pre-pandemic average were:
ExxonMobil: profits of £15bn increased to £53bn
Shell: £16bn up to £44bn
Glencore: £1.9 bn up to £14.8bn
Archer-Daniels-Midland: £1.4bn up to £3.16bn
Kraft Heinz: £265m up to £1.8bn
Four food companies – the listed suppliers Archer-Daniels-Midland and Bunge, plus the privately owned Cargill and Dreyfus – control an estimated 70%–90% of the world grain market.
Instead of doing something to curb this rampant profiteering – at huge expense to you, remember – your politicians shrugged and told you your demand for higher pay to cope with these price increases would cause them to rise even more.
Remember that, at the next election. Or are you happy to be hammered in the same way for another five years? Nobody could be that stupid, could they?
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Profiteering or greedflation combined with the forcing down of wages has damaged Britain since Thatcher. But depriving consumers of the ability to spend will backfire. And the ‘backfire’ will shock Starmer and Reeves!