A deep dive into supermarkets’ accounts by Unite’s team of forensic accountants rips apart claims that food prices have squeezed Tesco’s and Sainsbury’s latest profits.

Unite general secretary Sharon Graham said: “The scandal of Greedflation continues. Ordinary people are paying the price at the tills and no PR offensive by the supermarket giants can cover that up.

“Our team of forensic accountants has examined their claims that mega profits have dipped as they “absorb” increased food prices. But a deep dive into Tesco’s and Sainsbury’s accounts finds no sign that this is the case.

“Instead, Tesco’s continue to pay out big dividends and any fall in its still high profits occurred mainly due to a revaluation of its property portfolio. Whilst Sainsbury’s gross profit actually increased last year.

“Reckless profiteering is one of the scandals of our age and it’s time our politicians took action to protect the public.”

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