New union research reveals continuing profiteering crisis

New research by the Unite general union, analysing nearly 17,000 companies in the UK, reveals annual profits have soared by 30% compared to the pre-pandemic period.

The union emphaised that this is the largest study of corporate profits since the pandemic. It reports profits spiralling "out of control across the economy", with the big banks, oil and gas companies, electricity generators, supermarkets, and shipping companies among the worst offenders.

Electricity generation companies almost trebled their profit margins, by up to 185%, while the big banks made £45 billion in 2022, up 75% on their pre-pandemic margins.

Meanwhile, increased profits have not translated into investment, with shareholder payouts rising. FTSE 350 companies are paying out 20% more to their shareholders than they were pre-pandemic, Unite’s analysis found.

The union says it aims to rebuild the trade union movement to "regain the power to claim our share".

General secretary Sharon Graham said: "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 full report is available on Unite’s website.