Tesco's 160% jump in profits spark 'greedflation' claims from union

TESCO saw profits rocket in the last year with the figures sparking questions about "greedflation" - claims that big stores are pushing through price rises under the cover of inflation.

- Simon

Britain's biggest grocer saw profits up 160% to £2.29 billion on sales up 7.4% to £61.5 billion. That takes profit margins back above 4%, where they were before the pandemic. Profits next year should be higher still.

Tesco is rewarding shareholders with a £1 billion buy back of its own stock and is spending £70 million on a "thank you" payment to its 330,000 staff. For the average full-time staffer, that's a bonus of £300.

Chief executive Ken Murphy said all "stakeholders" were doing well, including the Government since Tesco is paying more tax. Murphy himself is registered for tax in Ireland, where he is from, and pays a lower rate there than he would here. He was paid £4.4 million last year.