According to Unite, sectors such as big banks, oil and gas, electricity generation, supermarkets, and shipping have seen some of the most significant profit increases
Unite has unveiled a study indicating that average profit margins of companies have surged by almost a third compared to pre-pandemic levels, based on an analysis of nearly 17,000 UK firms.
The union is spotlighting what it calls the ongoing “corporate profiteering crisis” in the country. According to Unite, sectors such as big banks, oil and gas, electricity generation, supermarkets, and shipping have seen some of the most significant profit increases.
Unite’s general secretary, Sharon Graham, said: “Over the last two years, Unite has consistently called out the profiteers driving the cost-of-living crisis. While workers have been hit with the biggest fall in real wages and living standards in generations, corporations have racked up hundreds of billions in profits.”
The report further highlights that this “Now our latest report, examining 17,000 companies, shows this profiteering crisis is far from over.” Graham criticized the economic model, saying, “This is why our economy is broken because of the choices of executives, investors and politicians who choose short-term profits and fat dividends over investing in our industries and public goods.”
The study also noted that during the cost-of-living crisis, thousands of companies of all sizes have increased their profits while wages have “stagnated”. Unite emphasized that its research is the most extensive examination of corporate profits since the pandemic began, revealing a 30% increase in average profit margins compared to the period before the pandemic.