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Tesco's profits outrageous as people face higher food bills

3 October, 2008

Sinn Féin West Tyrone MLA and spokesperson on poverty, Claire McGill, has today stated that profit driven companies such as Tesco's need to transfer profits to ease the strain facing many customers in the current economic climate. This follows Tesco's releasing half year profit figures of £2.8 billion.

Speaking today Ms McGill said:

"There was strong concerns voiced by Sinn Fein when it was revealed that local people were to suffer a 33% price increase on their electricity supply when Viridian, which owns NIE, made over £150 million in profits last year.

"Now we see Tesco's making a phenomenal £2.8 billion in only the first half of this year. To put this in perspective this is larger than several nations GDP in 2007. This is outrageous as people face higher food bills.

"In the food sector the basics such as milk, bread and eggs, to name a few, have all risen in price dramatically over the past year. This is felt by customers right across the board. The figures revealed by Tesco' are staggering in light of the current credit crunch and financial hardship facing many people especially those on low incomes and working families.

"Profit driven companies need to transfer an amount of their profit to the customers. Time and time again we hear of price increases in supply or production being transferred to the customer. This is unacceptable in light of such sky high profits, particularly in this case of Tesco's." Críoch

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