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UNITE urged politicians today to “make different choices” after a new report revealed that rampant corporate profiteering fuelled inflation in 2022.
Research by think tank the Institute for Public Policy Research found that a 30 per cent rise in retail prices last year had been driven by the huge profits of just 11 per cent of the companies listed in Britain.
This surge in their prices far outpaced increases in costs, helping to push up inflation last year to levels not seen in four decades, a phenomenon dubbed greedflation.
Unite general secretary Sharon Graham said the research confirmed the union’s own analysis that Britain is suffering from an epidemic of corporate profiteering.
“For too long, the government and the Bank of England attempted to blame rising inflation on workers asking for fairer wages, rather than addressing the real issue of inflationary price-gouging by companies,” she said.
“As this report shows, politicians must make different choices when it comes to tackling profiteering and making sure the economy works for everyone.”
