Labour MP grills supermarket bosses price gouging Brits in Select Committee
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- Опубліковано 26 чер 2023
- In the Business Select Committee, Darren Jones quizzed the heads of Sainsbury's, Asda, Tesco and Morrisons over price rises in supermarkets, claimed to be because of supply chain and inflation issues, while supermarkets continue to post record profits.
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FORSTLY THE LOVE OF MONEY IS THE ROOT OF " EVIL" SO THEASE BIG BUSINESSES MOST SUPERMARKETS CAPTALIZES ON ODINARY CITIZENS AND THEASE BOLD FACE TESCO BOSSES HAVE NO EMPATHY SO I DONT EXPECT THEY WILL BRING DOWN PRICES THEY WILL CONTINUE TO " LIE" SO I DONT EXPECT ANYTHING TO CHANGE FROM THEASE UNSHAMEFUL BOSSSES . REMEBER IF YOU HAVE ANY DECENCY INTEGRITY EMPATHY . AND YOU SAY YOU A PROUD OF BRINGING PRICES KNOWING FULL WELL THE EFFECT ON ALREADY CASH STRUCK CUSTOMERS ARE SUFFERING SO MAKING AN PROFIT OF OVER 2BILLION AND YOU A PROUD HOW INTERESTING.
politics joe pushing labour propaganda
Did he take into account inflation and 2019 prices vs 2023 prices?
{:o:O:}
After Tesco man told the same obvious lie the third time, I don't understand why he wasn't thrown out of the Committee and had Tescos' penalised for false reporting. I'm absolutely sick of parliament's high tolerance for outright lies.
It's not a lie, there are different types of accounts, his are adjusted accounts. Some accounts have predictions and are then updated or adjusted for different changes
Proud to have given a 15% pay rise, yes good news if true, but still up on profit since Covid began. Add to this it's just YE profit not the cummulative amount that major shareholders soak up and shift abroad. Ridiculous.
not realy defending him but from what i can tell PART of the problem is that the MP seems to read of unajusted numbers.
do 3 years of mega inflation make up the entire difference? i dont know. will it make the gap MUCH smaller? yeaaahhh...
It’s not a lie - he is talking about the ‘net margin’ which accounts for inflation in adjusted figures. It is a direct response to the underlying assumption (incorrect) in the question asked. Unfortunately, the chair is evidently unquestionably not qualified to read adjusted financial statements and has no idea what he is reading. That’s clear as day!
@@christopheradderley6902 If profit, as a number, a measurement, was 1.6, and then 2.3, how have profits not gone up? adjusted or not? One is a bigger number, therefore profits are up - is that not factually accurate?
Profiteering during a time of hardship for the country should be illegal.
Did you know that as bad as nixon was to help stop inflation in 1970 ish, he broadcast that any ceo that was found to be price gouging would go to prison.... guess what happened
Profiteering should be illegal
Profiteering is how the hardship started... And the hardship will increase profits... That's the way capitalism works.
@@livvi67 So if you make profit on your wage by making savings, I'm sure you will be the first to give it all away
@@Ludd439 capitalism has done more to reduce suffering than anything else in the world.
Imagine a society where people are struggling to eat, yet seemingly nobody is batting an eyelid at the figures being quoted here in terms of profit. It’s ludicrous that profits are increasing but they were FAR too high to begin with!
Today in April 2024 Tesco announce Record Profits 🙄
As a retail worker and I work for one of them here, they are just getting greedier. They are making more in profits and they are cutting down more and more staff and expecting us to work even harder for a measley rate. Managers don't do nearly as much work and are very poor at managing, as the staff tend to manage themselves. Yet they get paid more and they probably get bonuses.
I really feel for you mate, I was in the same boat for 5 years, not long left. Everything you say is spot on, these stores are top heavy and actually seem to mimic the unfairness and ineptitude of government in that the people at the top do fuck all and take all the money, while the people at the bottom do almost everything for nothing. Its nauseating and I can see the anger on the staffs faces in almost every supermarket I enter. I simply couldn't take any more of it, was at the verge of assaulting someone/being assaulted on a few occasions. Was own management that tipped me though.
I had to quit, it got to the point where I was the only person on produce on a Sunday, we used to have 4 people. Ended up doing my back in because I was rushing, lifting heavy trays between multiple reduction sessions. Department looked like complete shit. Managers only help when it gets embarrassingly bad. Everyone in supermarket retail is so much worse off mentally, physically, monetarily than they were 10 years ago. Every canteen in the country is now empty. This has all happened under 13 years of penny pinching Tory rule.
@@dank420bluntz feel exactly the same. I used to be on produce too and it got gradually worse to the point you mentioned. I was constantly expected to do produce as well as code check and they question why the department looked a mess... Honestly.
Management have it so much better off nowadays where they don't really need to do any hard work. I've yet to see a manager put on a sweat in the past few years. It's disgusting.
Was in retail from 17-21 years old. I know how awful it can be, I truly wish you all the best and hope you find a place that respects and treats you well. ❤
The last factory i worked in was the same, cut our shifts so they didn't have to pay us shift allowance forcing the entire shift to work hours they didn't agree with, then decided to literally cut our staff by half and dristribute them elsewhere and make the rest of us work twice as hard during hours we didn't sign up for or agree too, and on top of that they sped up the lines and put more work load on and do you think we got any more pay for that "privilege" of course fucking not. And when we told the management this when they complained about deadlines and targets they just looked at us stupid.. like they couldn't understand the audacity of a completely overworked, underpayed, entirely shafted work force for being demotiviated to even bother and we just let the targets not get met and did only the bare minimum in protest. We all worked our asses off and did overtime etc before all of that, after it we all decided fuck it if they sack me they sack me i've had enough.
If all MPs were HALF as competent as Darren Jones the country would be in a much better state
Please don't be fooled into thinking it's incompetence because it's intentional. No matter how much people are struggling the rich gain from every crisis. This happens every time and cannot merely be an accident every time.
It's a system designed for the desired outcome and things like this are to give the illusion of democracy.
I think we’d have to see how Darren Jones performs in a front bench role to assess his competency vs others in similar roles in parliament…my guess is he’d be better but that’s not saying much. As a chair of a select committee you work under very different circumstances and pressures; he doesn’t have anywhere near the same spotlight on his personal life (not saying there’s anything he has to hide, but that spotlight itself must take a huge toll). He’s the one asking questions and holding people to account, which is an extremely important role. But the real test is what you then do when you are on the other side of the fence…
Darren Jones is an unsung hero of the Labour party. He's does such a great job on this committee.
I've never seen anything happen as a result of these committees they are a farcical kangaroo court
@@tfinde you've totally missed the point of what these committees are for then. It is to force the truth from companies that often spread lies, misinformation and spin of their accounts, management and practice. If they are found to have lied or misled during these sittings then action can be taken against them. The only part of the process that doesn't work is the lack of main stream medias reporting on whats discovered during them as their paymasters don't want this to be common knowledge and sway public opinion.
Well have u ever watched PMQs that's a fucking circus act. At least here a proper conversation can happen rather than the pantomime circus act that goes on in the house of commons
So for all his great work have we seen any convictions 🤔
Future PM, get on it
Hats off to Darren Jones. The supermarkets are clearly taking advantage. If they are not willing to play ball they must be forced too. Same with landlords, insurance companies and oil companies.
Ive had the unfortunate time of having to live in UK for just over 2 years now and what gets me is not the mess the country is in but the blatant corruption that has continued to happen with nobody facing any consequence whatsover. It baffles me that a country can sink itself so fast without having to answer for itself because the people seem to accept their goverment driving everyones life downward. Cant wait to get the hell outta here.
And go where?
Tory brexit Britain 👿👿👿
Because boomers continue to vote the Tories in, as it serves their interests.
Just look at what’s running the country…speaks volumes.
Well no one comes here for the weather
Every time I despair about the corrupt, lazy politicians who are wrecking this country, I watch a video of Darren Jones in action and my faith is (partially) restored
Me too
Agreed. He is heroic, although it's a shame that these committees don't seem to have the power to do much other than expose the lies...
If only he would become PM
Its all staged don't fall for this crap.
@@mikel8850 That's an interesting take.
I was certainly assuming that this sort of thing, although somewhat ineffectual, was about as good as we could hope for within the current parliament.
Who would you say is doing more, and how are they doing it? I'd certainly like to learn more about (and support) other efforts to increase corporate accountability...
I'd clap my hands with glee if I thought for one second that any of this was going to make the slightest bit of difference. They walk out of these meetings, adjust their ties, wipe their brows and just carry on rinsing everyone.
Are you old enough to remember the same thing with the energy companies??? All hoo haa & nonsense, most of them sent their secretaries & at the end of it all, the "government" suggested we all just switch suppliers!!!! Anyone tried to switch to a cheaper supplier recently? They don't exist & you really have to wonder if they DO plan all this decades in advance or if there are constant coincidences of biblical proportions!!!!
And why does nothing change? Because at EVERY fucking election we re-elect the same useless, corrupt liars who allow this.
Agree. None of these meetings do anything. Pointless and depressing.
"Lessons will be learned"
True, it's just to make it appear as though the Tories care and are doing something when in fact they are shareholders in cahoots with this profiteering cartel.
Absolutely scandalous it's a monopoly that needs to be broken up .
Darren Jones is what all politicians should aspire to be.
By this you mean a useless mouthpiece who represents no change whatsoever? The Tories are absolute scum but Nu Labour are no better. They have kinder words but their non-actions are a joke.
We are really, really aware of how hard it is for our customers to survive right now, which is why we decided to raise our prices.
So what the Tesco boss is saying is, the other chains/sister companies are losing revenue in the other countries so they're rinsing the UK consumer to make up for it
Exactly the same argument the Post Office used. Fleece the retail customer to top up shortfall elsewhere.
Absolutely right.
Yes. It's quite common with any large group with multiple chains across the world. UK's Currys PC world do it. Coca Cola, Pepsi, Johnson & Johnsons also are some of the biggest names that will charge more in some areas to make up deficits in other areas.
Tesco losing revenue in other countries? Ahh...so that's why they announced a 10% cut in the price of 700 items in their Irish outlets a week or so ago. Makes total sense now...NOT.
@@redsocialist5474Feck the people who work for them right?
Darren Jones is so thorough and an absolutely brilliant chair. He manages to politely cut through the waffle to get the information the committee needs.
Darren Jones needs to be in the next Labour cabinet without a shadow of a doubt.
blairite eco loony remainer? no thanks
@@GOLDSMITHEXILE To give this country a chance to recover after 14 years of Tory government mis- management will a character like Darren to gets us back to normality?
It's hilarious, they're describing marketing campaigns and the things that they do normally to attract customers as if it's them being charitable.
It is hard not to have the word scumbags come to mind when we see these profiteering mouthpieces spouting their rubbish to justify their greed.
its called free market, get over it
@@phlegmonyDoes that mean it can’t be criticised or reformed? Is it right that Tesco can make 2.25 Billion in profits, but still be increasing their prices. Why not just make 1Billion and not put prices up so much?
Why should they? They exist to make money for shareholders.
@@phlegmony These left-wingers are psycho control freaks. Business looks at them and leaves the country.
@@phlegmony That really is taking basic thinking to a new low.
I have been really impressed with Darren Jones, need more like him and Chris Bryant in Parliament.
Chris Bryant is a very shifty man
100% , both great mp’s
“We’re doing absolutely everything to keep the prices for our customers as low as possible”… ACCEPT YOUR PROFITS ARE ALL GOING UP!!! Outrage.
Let’s face it: We’re NOT all in this together. The Rich don’t give a monkeys about the rest of us and a proper Government would beef up the Regulators across the economy. As for ‘Aldi Price Match’: Total Con. The whole supermarket sector is nothing more than Cartel. That shouldn’t be.
The problem is what a "proper government" looks like. It certainly isn't any of the crap we have to pick from at the moment.
There are more Aldi price match labels in Tescos than Tescos labels. I call Tescos the Aldi price match store.
Everyone could, in theory, have access to land, plant starts and localized education programs and resources to grow, harvest put up preserved food. People can be provided this access by laws passed by the government if the will to circumvent grocery stores is there. People don’t need grocery stores. They need local markets and the knowledge to stop using them.
Try working more.
Lol, joke is if it looks like they won't get their own way they threaten us with 'leaving the country'!! Priceless!! Choiceful(!?!)
Imagine being a major national supermarket chain and admitting the best you do is price match Aldi or Lidl on some products.
Look, it's simple demand and supply. If the supply is more than the demand, price will definitely drop. Grow your own food, if they lose money because of lost sales. They will drop prices to entice customers.
@@DriziationzI don’t have land to grow food, what do I do
@@TheRapierTheBetterYeah truly privileged take, but I guess if you can do it that's one of getting them.
The other way is regulating profiteering capitalists instead of acting like the invisible hand of the free market is always the solution. Pray at the alter of supply and demand and graph will eventually go down 🛐📉
@@Jmcinally94 I like this suggestion
A number of cheaper own brand items in Tesco were price matched to Aldi, they went up.
Why are these companies being allowed to get away with robbing people.
Well done Darren Jones, this need to happen more often and with more retailers.
This MP is brilliant seen him on loads of committees. Analytical brain, to the point questions , can detect answer avoidance in a millisecond.
Would make a great leader of the Labour Party. Much better than our current one .
Think he was a solicitor previously
Ah that means he won’t get anywhere close to a look in then.
So he’s lucky to still be a member of labour
Starmer has less charisma nad charm than a cardboard cutout of him. Raynor is not sharp enough. Yvette Cooper please
But his facts are wrong. He doesn't understand adjusted accounts, or rather he chooses (for political reasons) to not understand adjusted accounts.
“We have shortfall in other countries and other businesses, so the UK consumer will pay more for their groceries” - Just to translate Tesco’s boss into plain English.
@Driziationz lots of other businesses have been bailed out, so they might.
Actually they would be bailed out due to employment impact. No one is questioning them making a profit, the issue is excessive profiteering due to the circumstances of the pandemic, I guess more of a morality question to these businesses. I personally do not see an issue with companies taking advantage of the situation if this is clear I know to avoid said businesses- as I’m sure most of their customers would. This would however be hard with a poorly regulated market such as the Uk - this obviously simply has a knock on effect for the equality gap.
at the expense of people starving, i have nothing against profit but i do have a problem with greed impacting on vunerable peoples lives
@@stephjsinclair*unpaid bonuses for the exectutives
@@Driziationz They are a *multinational* business *conglomerate*. That is the issue. It’s the job of government to prevent multinationals from levying their citizens due to failing in other countries. That’s how countries like Russia can destabilise other economies.
So, in being weak on Tesco’s evident wish to tax the British public for their failings in Europe - I believe the Czech Republic, specifically - the government are just showing that they’re open to having their economy buggered this way.
I worked at Sainsbury’s during the pandemic and they gave us a 3.5% pay increase (50p ph) and we were told we should be grateful so that says a lot really
What kind of salary would you have been happy with?
It's not just the supermarkets. It's the bigger brands, like Heinz and others, who are exploiting customers.
it's not the cost of living crisis... it's the cost of greed crisis
it's capitalism crisis
I call it an austerity crisis
Rob from the poor and give to the rich.
@@Station9.75OH GROW UP !!!
THERE IS NOT COST OF LIVING CRISES ENERGY PRICE IS DOWN !!
Can’t we arrest these people for defrauding and stealing money? This MP may be sharp but not aggressive enough.
it's not theft, grow your own food if you have a problem with it
This MP isn't in government, he can't do jack shit to these people except make recommendations to the government, which he's said in the past they completely ignore every time.
Darren Jones will be back. He and colleagues have just humiliated the board of the Post Office, and if there is a second iteration with Tesco at al, I'd guarantee he'll land some knockout and humiliating blows, especially if they continue to obfuscate.
You need to arrest Matt Wankcock for robbing the public coffers million's on dodgy PPE .
They didn't steal anything. Greedflation happens in a sick capitalist system.
Their loyalty and responsibility is to their shareholders.
The problem is there's not enough competition
Why is no one talking about John Allan? The Tesco Chairman who in January accused the other supermarkets of price gouging and then two months later was thrown out of his job with false accusations of misconduct?
That’s what happens: tell the truth and get thrown out as your shareholders want you to price gouge too.
Darren is on track to become the most popular MP among the public and most respected among parliamentarians.
These organisations go on about being part of the community and helping the community.
Garbage. They are squeezing people who have already been squeezed to the extreme.
An utter disgrace.
The Tesco local stores have in the past 12 months increased their prices exorbatantly. The Tesco man here was deliberately misleading
I was in Tesco the other day and a woman with a baby broke down at the till because she couldnt afford her baby milk and supplíes, because the prices have gone up so much. I only had enough for one meal with me, as im disabled and on a low income, but i gave her my money and i didnt eat that night. So now, tell us again Tesco, how youre helping your customers? What absolute animals. When we all die then theyll have nobody left to buy their product.
So basically, the supermarket giants are saying they price match against Aldi on a limited number of items.... We should all just shop at Aldi then!
Imagine if there wasn't an Aldi. Shows the value of competition.
No doubt on the cheap own name brands they are making big profits too as I'm sure the costs to themselves is much lower. Don't be fooled people.
These greedy middlemen should be phased out. I'd like to see farmers etc selling direct and getting fair prices. As a result customers paying less too.
Pure greed. No BS can hide it.
Darren Jones is the type of person we need at the Top.
I’ve noticed that many items at Tesco arbitrarily increase by precisely 20% in a single jump. These are in the thousands of products that don’t fit into the very narrow selection of monitored prices. It’s not just grocers though. Seems like everyone in business has taken this once in a lifetime opportunity to skim the top and blame CoVid, an intangible tactic.
We've stopped shopping at these supermarkets and we now do the bulk of our shopping in locally owned shops. Stop giving these crooks your money.
Darren Jones is the BOMB!!!! Love that guy. So direct, incisive, fact & evidence driven, relentless, & serving the Public!
Also everyone watching
Boycott the stores that you can plainly see are Price Gouging
Absolutely right, but where are normal, busy, working families meant to shop instead?
All that does is lay of workers who then can't afford to feed their families. The boses won't be punshied
@@hannahdyson7129 Exactly - rather like replacing staff with self-serve tills!
@@OldGreyMulletTestThere are no self filling shelves though
And he and his party have done nothing to stop staff being sacked for self service tills
No reason for them to vote Labour at the next election.
@@hannahdyson7129 "There are no self filling shelves" - yet. Have you seen the robots that stack and pick in warehouses..?
Darren Jones is brilliant at holding these fst cats to account. I wish more people could be more like him.
Time to jail the CEOs of all the big three supermakets! 💯
Only enforcing laws against profiteering and similar will help. The public are being fleeced.
Unfortunately those who can do it appear to be benefitting from the current system
Who’s sets costs ??? Buisness and corporations do. What causes inflation, those same businesses setting costs. It’s a death spiral by corporate overlords
Market forces push prices down, don’t like the price set go to another supermarket. Problems arise when supermarkets collude to stifle competition and keep prices artificially high. It’s happened before and might be happening now but as yet there’s no evidence to support that assumption.
@@enigmatwist6548 Ah, the good ol' 'arbitrary circumstances will make everything right'.
It's the economics equivalent of 'stop screaming, it'll all be over soon'.
devaluation of the pound was caused by printing money during the pandemic, prices going up was caused by half a dozen factors.
Costs are set by suppliers and consumers.
How much if a thing do we have and how much are people prepared to pay for it.
As consumption has gone up and supplies are down.. prices go up..
It’s not that complicated.
@richardcollins, you are correct inflation is being driven by the cost of food and energy. The government know it but instead the Voe raises interest rates because the government are doing nothing. Downward spiral indeed
Out of all the people answering, the morrisons chap came over the most genuine and had concern for his customers and actually wanted to be there answering questions and had previously fed back information to the house,, so credit where credit is due,, well done morrisons ...and more to the point he actually sounded sincere like he was trying to help.
And the only one that doesn't just flat out pay the least they can for employees! Goddamn gem that one it would seem
Pretty sure this is now an official Morrisons advert!😂
He did say his staff was on 10.92 a hour though but they are on minimum wage?
@rebeccalewis7755 £10.92 is living wage not minimum wage.( which is what he said he paid) plus a 15% discount .
@@paul8161 isn't it £10.42 not £10.92? According to gov.uk anyway
If you want these supermarkets to stop profiteering and ripping off their customers. Simply go to your local supermarket fill your trolley with food, let them scan it all through the till and then walk out without paying and leave them to put all the products back on the shelves. It would signal to them we have had enough of being taken for a ride
When I hear the phrase "We've spent X on keeping prices low" I only really read that as "We've decided its not in our best interests to bleed the customers for X amount extra."
All ignoring the central question of how their profits have risen so sharply....
Depends on the time period.. profits rose sharply during covid because everyone was stuck at home shopping as a pose to going to work and eating there.
because its a free market.
@@phlegmony "Free"? I think you mean rigged...
@@phlegmony disgusting
By the same way wages have risen, inflation, the profit margins sound pretty static, wages in contrast are taking a dip in real terms.
In a word, the problem is SHAREHOLDERS. All busines is obliged to pay out dividends to private individuals and other businesses. It's nothing to do with being fair with customers, shareholders come first.
Not as much in dividends!
This is only a 40 year old concept, maybe even younger than you are. It is not at all necessary for companies to elevate shareholders over all other stakeholders, and was not common practice when we had sustainable economies.
Exactly!
Shateholders own the company. It's their money which owns the company. So if all shareholders withdrew their cash tomorrow, the companies would be insolvent and unable to trade - how would you resolve that ?
@@bowdencable7094bullshit. It has *always* been the first responsibility of a board to look after the shareholders interests, because the shareholders *own the company* - other stakeholders don't..
Excellent. The Companies are to blame for the inflation. They must be punish-taxed until they apologize.
Great video, one of the best from this channel.
It's so nice that they are all acutely aware. Shame that they don't give a crap.
Why aren’t they made to be embarrassed that their best defensive is trying to match Lidl & Aldi prices & not being pushed to beat them 🤔
@@DriziationzI think the for profit motive in our society needs to be grown past and phased out, it’s causing definitely inequality it this point, and the “capitalist” ideal has turned into a neo-feudalist nightmare
@@TheRapierTheBetterf you were a business owner or sole trader would you offer your services at cost price? I highly doubt it, what will induce people into offering their time and in turn adding to the competitiveness of sectors.
Nice advertising for Aldi
These executives need to be on oath so if they lie and evade they can be sent to jail, especially the crook from Tesco.
What the point.. Nothing will change because the greed in their bones.....
Come on we all knew they would do this, it’s the perfect opportunity to use the “ increases in costs“ excuse to raise prices for no other reason than to rob the eyes and brains out of us all
They're either lying to their shareholders or they're lying to the public.
they are using weasel words - the Tesco guy basically never directly answered the questions
They only care about shareholders
try both
Land banks, bias price contracts & terms for suppliers, cheap labour, second quality produce, superb dividends for executives, huge profits, massive tax benefits, foreign ownership, yet over a quid for a 18p can of beans….it’s a disgrace.
Iceland stores have been one of the worst, prices on most things have doubled and in some cases trebled, I'm noticing packaged weights drop too whilst prices doubled. Just appalling profiteering and price gouging it's most loyal customers since 2020 using every excuse for this with one crisis after another. My weekly shop has gone from 60 quid to over 100 quid and that's not the complete shop with size reduction. Thank you for showing us this, just a shame nothing can be regulated or enforced against these thieving organisations.
I find it disgusting that supermarkets are now inflating prices, but offering the "old" price by using Clubcard/Nectar or Asda Rewards, so those in the club offering their shopping habit data in exchange get it for a lower price whilst those who don't get the higher price. Also for those shopping under 18 who can't have a clubcard they pay the higher price. It's not on
The Clubcard benefits have recently been reduced too!
Asda rewards doesn't give you cheaper prices it just gives you money back when you've shopped
Yes I went into the coop a few weeks ago and put the shopping back as they wanted to rip me off
@@neiltitmus9744 it’s about £7 for Heinz ketchup in there isn’t it?
As a supermarket worker I find it disgusinthr average British oonsmer is ok with physically assaulting us
We arent responsible for the price hikes people
The simple reason for increased profits is the consumer is paying more for the products than they should be.
and they keep buying and complaining whilst doing nothing 😂😂 brits pathetic
I met my doctors wife at the local food bank, any body can go to a food bank, you don't have to show your wages etc
They all did it as a secret / special; club and its algorithm enabled them to collaborate in price gouging without the risk of being uncompetitive.
A neighbour and friend of mine produces vegetables for sale to local supermarkets, I recently poked fun at him, that he must be making money now the prices have gone up so much. He claims that his costs rose with the rise in fuel etc but the supermarkets insisted on a 10% reduction in his price to them. I think it's time we found a way to sell the produce grown and made locally at a reasonable prince and cut out the middle men. That might put some real pressure on them to bring profits down.
Doesn’t work like that I’m afraid.. local producers are nice for smaller local communities. But when you have to feed hundreds of millions of people you need large scale productions with capital..
All it will do is cause them to lay of staff
Who then can't afford to eat
Civilisation is like a balloon, put too much pressure on it and it will go pop. The main problem with capitalism is the sheer relentless greed of those who are filthy rich already. More, more and more will never ever be enough.
@@elcristoph7380 Sadly I know you're right.
@@RenghisKhan if you have money, you can invest.. that doesn’t make you greedy.
They made over a billion in profits and then 2 months later laid off 15 000 staff.
Because they didn’t need them..
so? if you don't like it then just don't shop there. no big deal its a free market
@@phlegmony I don't shop there. But your empathy for all those peoples lost jobs and income is phenomenal. Well done you.
Can't cry about everything.
@@AdamReade shops hired heavily during covid to need the wfh demand..now that demand has gone they no longer need all those people..
Pointing out the reality of the situation doesn’t mean you lack empathy.. it means you’re not an idiot.
But by all means.. keep crying it it makes you feel better.
The government encouraged people classified as extremely vulnerable (when the pandemic started) to open delivery accounts with supermarkets. I did this and being as I'm housebound with severe respiratory problems, I still use the delivery service.
Some of the price increases make no sense. Milk has gone up by approximately 50%. It's not being shipped from abroad and there's no way I can see to justify the increase.
One farmer charges a bit more for beef, the guy farming pigs thinks he can get away with it and the increases domino throughout the entire market. The more that news channels reported it, the more that companies decided they could also crank up their prices.
A fact about Tesco deliveries. They've just increased the minimum order value from £40 to £50. Pushing people that have little alternative to spend even more. Most weekly orders I place now, I'm buying surplus items, just to hit the minimum requirement (or I would incur an additional delivery fee).
I particularly love these responses from the profiteers as I can develop my lying and avoidance capacities ❤
Finaly an MP who is holding these Supermarket bosses to account, this man is a breath of fresh air. These supermarkets and other corporate entities are making huge profits and are able to give their executive's huge frikin pay rises whilst the rest of us are struggling to pay their over inflated prices on some of the most basic commodities, disgusting, absolute greed. Just like the politicians we have sitting in goverment now these people are out of touch, they don't have to worry about what this months food shop is going to cost them or how much there energy bill is going to be. We are being well and truly shafted by these people.
This government has normalised greed
None of them are being held accountable...they're still getting away with it!!
Darren Jones is brilliant. These bastards just can't get enough money can they?
Pure greed
They make the mistake of thinking that supermarkets are in any way ethical.
The biggest question that needs asking, with all the profits they're making and they're so concerned about costs of living. Why aren't they donating the food that's not sold given to food banks and charities doing soup kitchens, rather than dispose of it in land fills.
price matching sounds like something cartels engage in
Exactly, effectively a monopoly
it's called competing by lowering prices. Cartels agree on a fixed price
Interesting comment.
Immediately, Tesco dodge the question. He didn't ask if they were being competitive, he asked if you were doing enough for the customer.
Doing enough what? Ask a proper question if you want a proper answer.
@@Andrew-rc3vh doing enough in keeping prices down - I will give you a clue Tescos are not doing enough
@@skyblazeeterno Here's another clue: input prices have risen
Sugar 49.8%
Olive Oil 46.8%
yeast, baking powder, stock 42.3%
Sauces 35.1%
cheese 33.4%
ua-cam.com/video/lynDYW60P7Y/v-deo.html
Tesco's profit ~4%
@@Andrew-rc3vh what are you talki9ng about ask a proper question? I didn't ask one.
@@skyblazeeterno
Why is a company obligated to make less profit in order to help people?
In fact what they're legally obligated to do is to be competitive, and try to make money for their shareholders.
If the government expects them to provide some kind of public service by selling food more cheaply than they can get away with, they need to impose rules/regulations which force them to do so.
Until they do so, the companies really have nothing to answer for. Asking a for-profit company why it's not essentially acting like a charity and voluntarily giving up profit is kind of a pointless line of questioning
..…and nothing happened. These committee's do nothing
They don't have to worry about real consequences.
I've worked in retail 14 years and yes there is a lot of price fixing and profiteering going on mainly to keep shareholders happy. In my shop we have been told that price increases are due to electric and gas and overheads increase but we know different!, the managers think that all the staff are stupid and don't know anything.
Pity the sessions didn't also investigate the nefarious rise of 'membership' prices: ''Clubcard Price', Nectar Price', 'Asda Pounds', 'Co-Op membership', 'Lidl Plus'. Just what are these companies doing to suppliers and and to which third parties are they selling shoppers' data (linked to in-store/checkout video footage) - in the middle of a chronic cost of living crisis when they're supposedly struggling to break even or make profits - that is suddenly allowing them to have 'loyalty' prices that are an average of 27% and up tp 63% cheaper than their general retail prices?
This is the problem with massive diverse businesses. It doesn't matter if Tesco in the UK is making more profit than it ever has, they are saying because another part of the group is not doing as well smashing the UK public is justified.
If your costs increase so you raise your prices to compensate and then decide to add even more on, you are price gouging and being greedy. That is the energy sector, supermarkets, financial sector, telecoms companies etc. They are all doing it.
Supermarkets could have kept prices down across the board but instead decided on selected products but also using their reward scheme which only help select customers not the general public.
The problem with so-called loyalty schemes, is that they are heavily reliant on the collection and sale of personal data/biometric data.
The increase in so-called 'security' measures, such as direct camera surveillance of customers at checkouts and the absence of any interaction with a human seems to be encroaching further on our privacy. These measures come with remuneration from companies that would buy such data from these companies. This also isn't being made clear, when calculating these increased profits.
They don’t care about anything other than how much money they can make.
why are they all in denial... stop this greed
Its amazing how little many organisations care about the very country and society they live in.
The introduction of membership for better prices needs to be outlawed, it's not fair on people who refuse to sign up to use any and all deferent supermarkets
About time someone put thier knackers in an explanatory mangle.for us to hear and see
How many politicians do you know who automatically put a smile on your face when you see them
This has always been the case in this country, Just Pass it on to the Consumer they will pay it.
i work at tescos and with inflation i have taken a pay cut and their profits have risen, and then items we sell to our customers have shrunk
How and why has the ‘Aldi price match’ not been called out for the monopoly that it is? These companies should be facing massive anti-competition fines which should be fed back to the public
Instead of trying to get close to Aldi and Lidl's prices, why don't they try to beat their prices?
That would make too much sense!
But then They won't make maximum profit not the way the world works these leeches would chop the last tree to add an extra dollar to their profits
Matching prices with Aldi apparently but yet I spent far less at Aldi for the same stuff I would get at Tesco.. Tesco has always been expensive but the leap of their price increases since covid has been ridiculous and let’s not forget how bad Tesco was to get into during covid.
This was nearly a year ago but nothing has changed. It's still happening. Words mean nothing. Action against these people is needed. Fast
The only thing that comes out of their mouths is word salad, they will never admit to their greed at the cost to the consumer.
It's always surreal watching Darren Jones. Someone in British politics who seems have genuine integrity. I almost throw up from the shock.
We need more MPs of that calibre...
It’s also strange that prices are very similar and not drastically different!! Cartel springs to mind here!
It's a Cartel. They don't have any ethics.. A huge Market share of profit. Its time for change and reform.
Didn't they hang people for this during the 2nd World War? Absolutely sickening and disgraceful
Like deployed 👍
Why cant they take less profits during a cost of living crises? For goodness sake. Sick. Absolutely disgustingly sick.
Does government taxes increase the prices of goods on shelves? If so, why aren't the government asking their selves, if they have 'done enough'?
This chairman is brilliant,he is like a dog with a bone,and of course he is correct the big retailers are ripping us off,its the same in ireland,only our uselss lot let them away with it,they give them a good telling off,and what do the retailers do...yes your right nothing 😂