Tax rises could push food prices higher, warn supermarkets (www.bbc.co.uk)

submitted 1 week ago by LadyButterfly@piefed.blahaj.zone to c/uk_politics@feddit.uk

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The bosses of the UK's largest supermarkets warn the chancellor against imposing higher taxes on the industry.

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[-] MattBlackAlien@lemmy.world 34 points 1 week ago

The bosses of the UK's largest supermarkets warn the chancellor that they won't tolerate a drop in profits, so will pass higher taxes onto their customers.

Tesco made £3.1 billion profit in the last year.

https://www.foodmanufacture.co.uk/Article/2025/04/10/tesco-profits-top-3-billion/

[-] Valmond@lemmy.world 14 points 1 week ago

Before : caputalism will generate new supermarkets with lower prices!

Today: capitalismn will generate new supermarkets with higher profits!

[-] HumanPenguin@feddit.uk 5 points 1 week ago

Hmm. As much as I am willing to criticise huge profits.

Tescos turn over is approx £71b so £3.1 is below 5%

That really dose not seem like a huge profit. I'd honestly be more worried that only very large companies can really run on low % profit and survive. Meaning their existence allows them to put compete local mum and Pop companies.

[-] TommyJohnsFishSpot@lemy.lol 3 points 1 week ago

True 3 billion is a a pretty small number.

[-] HumanPenguin@feddit.uk 3 points 1 week ago

It is huge. But so is the company so % is the only datathat matters.

On a store by store comparison. The average turn over of a local corner shop. Would not be able to support a family on 5% profit margins. They tend to function on 10 to 15%. And that is low compared to other industries.

As I pointed out. The issue is more. Tescos is so huge. 5%. Allows it to destroy all but other huge competition. So it prevents competition from ever getting a foot hold.

As all large corperation s will do when given the opportunity.

[-] huquad@lemmy.ml 1 points 1 week ago

This 100%. Lot of brain dead takes here with "3 billion is a big number!"

[-] HumanPenguin@feddit.uk 2 points 1 week ago

Nods. It is also why the media uses such numbers.

It is intentionally trying to make a news article out of the profit rather then the size of the corperation.

The media's owners etc. Do not want voters spending to much time worrying about how large corperation s are able to overpower all competitive attempts from new businesses. It goes against all the advantages they sell about capitalism. And may encourage voters to call for the breakup of such corps.

[-] huquad@lemmy.ml 1 points 1 week ago

The real answer is to tax the rich. Taxing groceries more? Just more taxes on the poors.

[-] HumanPenguin@feddit.uk 1 points 5 days ago

Agreed. But let's ensure we get the wording correct.

Tax wealth income equally.

Because just saying tax the rich. Allows the rich to claim we want to increase higher income taxes. Leaving the left arguing with people who should be on our side.

They do this intentionally to divert the argument from real wealth. Because they know their arguments against taxing wealth fall down when openly challenged. So using higher income earners to distract the argument. Saves them defending their real income source.

[-] kurikai@lemmy.world 15 points 1 week ago

Supermarkets are already pushing prices higher.

[-] LadyButterfly@piefed.blahaj.zone 7 points 1 week ago

Yep! A lot is an excuse

[-] spacedogroy@feddit.uk 2 points 1 week ago

This budget will be a tax on income, not big business, rightly or wrongly. The Treasury already learnt that lesson last time - they won't repeat the mistake.

this post was submitted on 27 Oct 2025

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