Tag Archives: corporate

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.

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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?

Source: Greedflation: corporate profiteering ‘significantly’ boosted global prices, study shows | Inflation | The Guardian


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Starmer party is too ‘timid’ to challenge far-right claims or offer alternatives. Why?

Starmer and Sunak: perhaps the reason there’s little difference between them and their parties is that they are chasing sponsorship from big business for their own personal gain, rather than doing what the public pays them to do – which is find solutions to the problems being created by the firms they are courting.

Economist Richard Murphy has published a column highlighting concerns that Keir Starmer’s STP (Substitute Tory Party – formerly Labour) is too “timid” to challenge right-wing claims about immigration, climate change or anything else, or to articulate an alternative vision.

He suggests three reasons for this:

Is it that they spent too much time watching Top Gear over the years and now live in fear of that culture?

Could it be that they have a deep-seated insecurity when it comes to standing up to the interests of big business when the latter so clearly want what the country does not?

Or is that they simply do not do ideology-based politics and so go where the money is, with money filling the vacuum where their convictions should be?

It comes down to the same thing. Starmer has decided to do what the Tories always do: chase the cash that comes from big corporate sponsorship for his own personal gain.

The national interest can go hang, as far as he is concerned.

I’m willing to bet we’ll find evidence of this if we have a look around. Or have you found some already?


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Rishi Sunak is STILL lying to you about inflation. Your wages aren’t responsible for it

Rishi Sunak: corporate whore?

After British Gas posted huge profits, made possible by price-gouging – charging you far too much for the service it provides – Rishi Sunak has appeared on TV to tell you that he’s tackling all the inflation that has been caused by your pay rises.

… Except, of course, that tackling that kind of inflation doesn’t involve any work at all because your pay rises haven’t caused any of the inflation that has been inflicted on us by boneheadedly stupid, economically-illiterate, back-of-a-cigarette-packet policies dreamed up by Sunak and his equally stupid forerunners.

Sunak’s broadcast was an attempt to distract your attention away from the real cause of inflation – the high prices charged by corporate bandits for no reason at all – and to dupe you into thinking that your pay demands are responsible.

You are not responsible for any inflation at all. Sunak and the corporations to whom he whores himself are.

Here’s Peter Stefanovic to explain further:


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Corporate profits proved to be driving inflation. Why are Tories attacking your wages?

Rishi Sunak: the sign behind him says his government’s priorities are “your priorities”. This would only be true if “you” referred to corporate bosses and shareholders, and there was only one priority listed: bloating profits by robbing customers with increased prices.

The International Monetary Fund (IMF) has published information that proves inflation in the UK and other European countries is being driven by the greed of corporations that have been pushing their profits up for no good reason.

Here’s the evidence:

(Some might say this applies only to countries in continental Europe but the question then is, why should it not apply to the UK too?)

So the answer to inflation is not to cut wages, and is not to increase interest rates; it is to force corporations to cut their bloated profit margins and pay for a rise in labour costs (increase wages).

This is the opposite of what Rishi Sunak and his corporate stooges in government have been saying since the crisis began. It seems clear that they have been lying to you all along.

And what’s he doing about it now?

His latest plan is to renege on all his promises about following the advice of pay review bodies:

“Workers need to recognise the economic context we are in.” Okay; well, this worker recognises that major corporations, many of which are probably donors to the Conservative Party and individual Tory MPs, have caused inflation by artificially increasing their prices. Now they’ve been caught doing it, they should cut their prices and increase wage to at least match the current inflation rate or be penalised for it.

This is what I expect my government to enforce.

(I don’t think it will happen for a single moment, but I do think that the longer Sunak refuses to do it, the more people will realise that he, his government and the corps funding them are all crooks and vampires, sucking out the lifeblood of the UK.)

Sunak is talking utter bollocks about it, of course:

People won’t accept that it’s right – or even acceptable – because we all now know it isn’t.

Here’s a doctor, responding to Sunak’s attack on the public sector workforce:

Would you like more proof of what’s going on?

Here’s Howard Beckett:

Sadly, there is no pressure from the Labour Party – the UK’s official Opposition to the government – to make Sunak and his bandits do the right thing. Labour is on their side and helping to rob us all.

Proof:

This Writer will be writing to all those in government or able to influence it, calling for a change of policy to demand responsibility from the corporations, and I urge you to do the same.

But this time I think we’re all going to have to get out of our armchairs and onto the streets – possibly with blazing old-style torches and pitchforks – to demand action “or else”.

You know what I mean: French-style.

Or would you rather just lie back like a weakling and let these fat cats carry on robbing you?


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Keep track of corporations that break the law with this handy tool

Sewage dumping: it’s the most visible example of corporate rule violations in the UK right now – but not the only one.

This is another public service announcement:

The site’s introductory statement says:

Violation Tracker UK is the first wide-ranging database of enforcement actions brought against companies by government regulators in England, Scotland, Wales and Northern Ireland.

It contains more than 80,000 cases involving issues such as financial misconduct, workplace abuses, environmental offences and anti-competitive practices.

It combines cases resolved since 2010 from over 50 regulatory agencies. Violation Tracker is produced by the Corporate Research Project of Good Jobs First.

This Writer would guess that Prem Sikka has found Violation Tracker UK because of his interest in infringements by the privatised water companies.

But now that he has found and publicised it, we can use it to check up on anyone we like, including privatised utilities and companies owned by political donors.

Feel free to give it a go – and let us know about any really shocking breaches you find!


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The news in tweets: Sunday, June 4, 2023

Rishi Sunak: he’s not known for being a Vox Political reader, but will he still be smiling if he chances upon this article?

Here’s this sunny Sunday’s info-dump  – and This Writer hopes it doesn’t cast a cloud over your mood.

Rishi Sunak won’t give public money to UK schools but with his wife has given $2.4 million to a wealthy US college

There will be more on ‘Eat Out to Die Out’ in another Vox Political article later today (June 4, 2023).

Is pre-election tax cut plan the reason for Rishi Sunak’s current war on sickness and disability benefits?

Tory MP begs Rishi Sunak to quit the European Convention on Human Rights – confusing it with the EU

For information: Andrea Jenkyns is a Tory MP who is currently deputy chairwoman of the Brexiteer European Research Group (ERG). Her claim that other Tories got the leader they wanted in Rishi Sunak suggests a developing schism among Tory MPs that could split the party as it grows – and let’s hope it does.

She certainly seems to be trying to undermine Sunak, with a letter that confuses the European Convention on (and Court of) Human Rights with the European Union and European Court of Justice.

For information: UK citizens have never – at the time of writing – voted to relinquish their rights to a free and fair trial, democratic elections, freedom of association (that is, the right to meet anybody we want to), privacy, or any of the others that the Convention upholds.

TWITTER catches Boris Johnson lying about the reason for London police station closures

DWP and police target criminal gangs involved in benefit fraud. What about those involved in tax evasion?

The video has been released after the Daily Telegraph published an online calculator to show readers how much of their salaries is being used to pay social security benefits in what many have dubbed an act of Nazi-style hate crime.

The argument against these acts by the government, police and media is simple: tax evasion costs the UK far more than benefit fraud and error but is investigated by far fewer people and nobody (to This Writer’s knowledge) has ever been arrested in a video clip. Here are some facts:

Corporate profits have nearly doubled since 2019 while average wages are lower than in 2007. Why are the government, Bank of England and bosses blaming wage rises for inflation?


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Harry and Meghan step down as senior Royals – because of bad press?

Bye bye: Prince Harry and his wife Meghan wave farewell to the corporate mass media hacks who they have accused of “misreporting” and spreading “false impressions”.

The Duke and Duchess of Sussex – that’s Prince Harry and Meghan Markle (still) to most of us – have announced their intention to step back as senior members of the UK Royal Family and work to become financially independent, while still fully supporting the Queen.

It seems they are unhappy with certain aspects of the job – one of which appears to be the way their activities are reported in the press.

In that respect, This Writer thinks they’re right up with the rest of us.

Complaints and criticism of the way the general election has been reported are rife. And it seems these Royals are equally unhappy with the way they have been treated by the Fourth Estate.

In a statement on the Sussex Instagram page, they ripped into the Royal correspondents working for the UK’s mass media organisations [boldings mine]:

“Britain’s Royal Correspondents are regarded internationally as credible sources of both the work of members of the Royal Family as well as of their private lives. This misconception propels coverage that is often carried by other outlets around the world, amplifying frequent misreporting.

“Regrettably, stories that may have been filed accurately by Royal Correspondents are, also, often edited or rewritten by media editorial teams to present false impressions.”

The statement also announced a new publicity plan that takes them off the Royal Rota system, in which only a limited number of mainstream media organisations are allowed to attend Royal engagements – so they are obliged to share material that they gather there.

Instead, the Duke and Duchess of Sussex said they will be adopting a revised media approach to ensure diverse and open access to their work:

“This updated approach aims to:

“Engage with grassroots media organisations and young, up-and-coming journalists;

“Invite specialist media to specific events/engagements to give greater access to their cause-driven activities, widening the spectrum of news coverage;

“Provide access to credible media outlets focused on objective news reporting to cover key moments and events.”

They will continue to share information directly to the wider public via their official communication channels.

This could really shake up the way Royal events are covered in the news.

Being somewhat long-in-the-tooth, This Writer doesn’t expect to benefit from the engagement with young, up-and-coming journalists – but I look forward to find out who these may be, and what grassroots organisations they Sussexes choose to carry their stories.

The idea of “widening the spectrum” of those who cover Royal news could really shake up a stagnant system, and if it jolts some of our more complacent reporters and corporations out of their smug security, I’m all for it.

Of course, it is entirely possible that the Sussexes want to go to the grassroots because they think less-established media organisations may be easier to manipulate.

I’ll be watching for that, too.

But at a time when the so-called media Establishment may have thought they had news coverage sewn up as propaganda for their chosen (right-wing, let’s face it) causes, this should come as a body blow.

Members of the UK’s fundamental institution don’t trust the Tory media – and they’re telling us not to trust them either.

Have YOU donated to my crowdfunding appeal, raising funds to fight false libel claims by TV celebrities who should know better? These court cases cost a lot of money so every penny will help ensure that wealth doesn’t beat justice.

https://www.crowdjustice.com/case/mike-sivier-libel-fight/


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Do not believe Theresa May’s claim about her religious beliefs. She worships corporate money, not God

Theresa May: She falsely claims to be a Christian but - by the terms of that faith - in fact worships the false god Mammon (money).

Theresa May: She falsely claims to be a Christian but – by the terms of that faith – in fact worships the false god Mammon (money).

It was horrifying to read UK prime minister Theresa May’s claim that she is guided by her belief in God. The only god she has is Mammon – the Biblical false deity associated with wealth.

You cannot serve God and money at the same time, according to the Bible (Matthew 6:24) – but whenever Theresa May’s announced policies clash with the wishes of the wealthy, she changes her mind.

Look at the way she changed her plan to cut childhood obesity after the food manufacturing giants leaned on her to strip away possible impediments to their profits.

Some might say her membership of the Church of England (along with many other Conservatives) is enough to prove her good character. I disagree: The Devil can quote scripture too, as William Shakespeare noted (in The Merchant of Venice. If you want a Biblical reference, try Matthew 4:1-11).

So, when she says she has sleepless nights over Brexit but is convinced her faith in God and moral sense of right and wrong will guide her, should we have faith in Theresa May?

No.

Because her God is money, and she will do whatever she can in the service of those who have it.

By her own actions, this daughter of a priest has scorned her religion, falsely claiming to keep the faith while her actions show that she worships a false deity. This is the sin of idolatry.

Those of sincere faith should encourage her to seek the help of the Church to atone for this sin, in accordance with the rules of the religion she claims to follow.

Until she achieves this, then members of the Church of England should certainly be encouraged to reject this woman, the political party she leads and the government of which she is the head.

Their faith demands it.

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Tories and Lib Dems collaborate to help corporations sue countries

Ignored: Protesters from across the EU who have mounted a huge campaign against the corporatists who want to override your rights in the name of profit. [Image: Huffington Post].

Ignored: Protesters from across the EU who have mounted a huge campaign against the corporatists who want to override your rights in the name of profit. [Image: Huffington Post].

Did you think the Budget was the only important thing that happened yesterday (July 8)? Think again.

The European Parliament had its first-ever vote on the controversial TTIP trade deal between the EU and the United States – and, thanks to British Conservatives and Liberal Democrats, it went against the will of the people.

Millions of us, across Europe, have demanded the removal of part of the proposed partnership agreement that allows corporations to take legal action against national governments if they pass laws that inhibit the firms’ profit-making ability.

But a compromise on the controversial Investor-State Dispute Settlement mechanism (ISDS) secured a majority, with help from the UK’s Liberal Democrat and Conservative MEPs.

It was opposed by Labour, Green, Plaid Cymru, SNP and UKIP MEPs

Stronger amendments, that were opposed to ISDS altogether, were kept off the agenda by procedural manoeuvres – leading to EU President Martin Schulz being accused of “shredding the rules of procedure”.

Nick Dearden of Global Justice Now said: “The only reason that MEPs are still trying so desperately to push this through is because of the enormously powerful corporate lobby machine in Brussels. TTIP is fundamentally an issue of people and democracy versus encroaching corporate power.”

Campaigning group 38 Degrees released a press release stating: “We know exactly what the corporate lobbyists writing this deal want: they want us to go quiet.”

Instead, the group is proposing a series of actions to ramp up the pressure:

  • Another huge national day of action. “Enormous public pressure has been a huge factor in causing chaos around TTIP so far. We know that as soon as people get the facts, outrage follows. The more people that know, the more worried decision makers will be.”
  • Commission an expert report on TTIP, to throw in the face of anyone who says it is a good idea. “It’d give us a valuable chance at media coverage, and we can take out adverts in newspapers and online to expose the findings.”
  • Meet face-to-face with MPs to ask them directly where they stand on TTIP “and what they’ll do to represent the British public’s opposition.”
  • Get ready for MEPs to come back from their summer holidays and be ready to pile the pressure on them again. “As soon as they’re back, they need to be reminded about TTIP. We need to make sure that whenever the next vote is, we’re ready to step in.”

“To be honest, this is probably one of the hardest issues 38 Degrees members have ever taken on. Many people hear “trade deal” and their eyes glaze over. The acronyms and figures that fly out of the mouths of TTIP officials are designed to get people to switch off,” the 38 Degrees press release states.

“But when people like us hear what’s going on and choose to stand up, that changes everything. TTIP has gone from zero public awareness to huge public outrage. There’s plenty more we can do together to stop this awful deal.”

Visit 38 Degrees to learn more.

Follow me on Twitter: @MidWalesMike

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At last someone in the Labour Party is speaking up on political issues

… and it’s John Healey! Who’d have thought it?

His article in yesterday’s Guardian makes a lot of sense (although obviously he doesn’t go far enough in his suggestions. Labour never does, these days).

At least he’s making the right noises – pointing out that the Conservative Government’s plan to cut social security by £12 billion will harm people who are trapped by failing markets for housing and jobs. Think about it – cutting social security means people will be more insecure. That’s probably why Tories prefer to call it “welfare”.

He claims that the cut to the total annual household cap on benefits, from £26,000 to £23,000, is popular but will save less than one per cent of the total target.

More will follow – cutting tax credits (the subsidy for under-paying businesses, meaning people in work will be plunged into poverty), housing benefit (the subsidy for landlords, meaning people will be unable to pay their rent), and to disability payments (because nobody cares what happens to society’s most vulnerable until they become society’s most vulnerable; the evidence suggests these people will die).

According to Healey, every time the Tories wield the axe, they will challenge Labour to support them. If Labour refuses, the Tories will then be free to shout about Labour being the “party of welfare” – and never mind the fact that the Tories are the party of corporate welfare, funnelling billions to bosses.

Many of the cuts will punish the poor – without reducing the benefits bill, he reckons.

Take tax credits. Over the last five years, the Coalition government made 23 separate cuts, freezes and rule changes to tax credits costing working families £13.4bn. But overall spending rose, by £2bn.

Or housing benefit, where 10 separate cuts cost low-income renters both in and out of work over £5bn. But the total bill went up by £4bn over the Parliament.

Healey drew up a lengthy factual analysis of Coalition Government policy on housing benefits and discovered that the Tories and Liberal Democrats were actively increasing the bill.

The decision, for example, to raise council and housing association rents to 80 per cent of market rates will increase housing benefit spending by £5.4bn over the next 30 years, on those homes built in the last parliament alone.

He called this a “Conservative policy failure, with both the taxpayer and families on low incomes paying the price”.

His solution was for Labour to commit to building 100,000 new council and housing association homes a year until 2020, in the knowledge that those homes would pay for themselves, in full, in housing benefits savings over 27 years.

Just as people take out a mortgage over that time period and see a return on their home investment, so government could do the same.

Every pound invested in a genuinely affordable home means the state pays out less in housing benefit.

Over thirty years, I calculated that £1 generates £1.18 in savings… by recycling savings in benefit to build new homes, the up-front capital costs for those 100,000 homes each year would be no greater than the housing investment when I was Labour’s housing minister in our last year of government.

We can’t spend this parliament debating welfare costs on Tory terms again, so our challenge is to sidestep the narrow Tory narrative and start making a bigger case for bringing benefits spending down.

So this is the answer: Use the Conservatives’ own record against them and demonstrate that the government is asking the wrong questions and proposing the wrong solutions.

Source: Labour must make and win the big arguments on welfare – Comment – Voices – The Independent

Follow me on Twitter: @MidWalesMike

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