Richard O'Donoghue: Demands Transparency on Supermarket Profits
Richard O'Donoghue spoke about supermarket pricing, urging full transparency of major supermarket profits and accountability for perceived price gouging. He argued that major supermarkets are taking excessive margins while smaller outlets show higher turnover but falling profits, and that government tax and rising energy costs are contributing to price rises.
He said any price gouging by major supermarket holders should be transparent and insisted that all their profits should be shown.
He called for scrutiny of the major supermarket chains, stating they are taking "over the top profits" and noting a 23% additional margin being applied to cover costs.
He contrasted smaller outlets, observing their turnover is up while profits are down, and urged analysis of why that is and how those stores can be supported.
He welcomed wage increases but warned that consumers do not feel the benefit when retailers add costs back on. He cited energy costs rising 78% in eight months and criticised the tax regime on energy, saying "It's all coming back to the tax."
Transparency demand
He said any price gouging by major supermarket holders should be transparent and insisted that all their profits should be shown.
Major supermarket margins and accountability
He called for scrutiny of the major supermarket chains, stating they are taking "over the top profits" and noting a 23% additional margin being applied to cover costs.
Smaller stores' performance
He contrasted smaller outlets, observing their turnover is up while profits are down, and urged analysis of why that is and how those stores can be supported.
Government policy, wages and taxes
He welcomed wage increases but warned that consumers do not feel the benefit when retailers add costs back on. He cited energy costs rising 78% in eight months and criticised the tax regime on energy, saying "It's all coming back to the tax."
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Transcript
Thank you. Any price gouging by any major supermarket holder should be transparent. All their profits should be shown. But what people have to look at here now as well is, some people look at the smaller outlets that have, their profits are up. Sorry, their turnover is up, but their profits are down. It's some of the major ones we need to look at to say, why is that? We also have to look at the government's part that they have taken in this. When they introduce the wage increases, which we welcomed. But where is it coming back to? The people that are going in buying the food, it's being added on. When you look at the tax regime that you have on the energy costs, gone up 78% in eight months. For energy costs to run these supermarkets, they are taking 23% fat on top of it. So they are also responsible for the prices going up in our shops. But when we look at the major supermarkets and they are taking over the top profits on it, yes, 100% we should pull them in. But we should also look at our smaller stores that are not doing that and to know how we can actually help them. And the government have at their fingertips to see how they can help them. It's no point to give them a wage increase if you don't see it in your pocket and it goes further. You're giving wage increases, but you're driving the price of everything else up, which means you didn't get a wage increase in the first place. So it's all coming back to the tax. Thank you Deputy Deputy Michael Collins. Thank you Deputy Deputy Michael Collins.