£32 billion profits and a bumper £5 billion pay-out to shareholders means government must act

Unite’s Sharon Graham says it is time the government ‘got real’ on profiteering

Shell’s massive profits show the company is leading the way on endemic corporate profiteering that has broken the UK’s economy, Unite said today (Thursday).

On 1 January the energy price cap rose to £4,279 – ‘millions cannot afford to heat their homes… Meanwhile Shell shareholders are laughing all the way to the bank’.

Unite general secretary Sharon Graham said: “People will be totally aghast at the scale of Shell’s astronomical profits. Millions cannot afford to heat their homes and businesses can’t pay their fuel bills. Meanwhile Shell shareholders are laughing all the way to the bank. Shell’s £5 billion of dividends would go a long way towards paying for a 10 per cent wage hike for NHS workers. 

“Is the government going to get real about taking on profiteering or, as usual, continue its false propaganda that it’s workers’ wage rises that are causing inflation?”

Today, Unite also revealed that the UK banking sector is making bonanza profiteering profits on the back of Bank of England interest rate rises. 

In the first nine months of 2022, the big four UK banks (Barclays, HSBC, Lloyds and NatWest) recorded profits of £19.8 billion. Since the end of 2021, big banks’ bank net interest income has increased by 37 per cent.


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

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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.