Unite general secretary Sharon Graham said: “The drop in the value of wages, which are once again well behind inflation, shows just how important it is for unions like Unite to defend workers’ pay.   

“Despite what the chancellor and others in government say, it is abundantly clear that wages are not driving inflation. At the same time as real terms pay for working people has plummeted, corporate profits have soared to astonishing new heights.

“Endemic profiteering is driving the cost of living crisis. Politicians are allowing it to happen and expect workers to foot the bill. Unite will not let them get away with it: We will continue to do whatever it takes to defend our members’ jobs, pay and conditions.”   

New Unite research, analysing the FTSE 350, shows how profit margins for the first half of 2022 were 89 per cent higher compared to the same period in 2019.

FTSE 350 profits have spiked even higher than in 2021 when profits jumped 73 per cent, according to Unite’s first profiteering report, published in July 2022.

Unite’s latest report on profiteering across the economy is the first to show how runaway profiteering has driven up the price of everyday household goods.

ENDS

For media enquires ONLY contact Unite communications officer Ryan Fletcher on 07849 090215.

Email: [email protected]

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Unite is Britain and Ireland’s largest union with members working across all sectors of the economy. The general secretary is Sharon Graham.