Supermarket profits

That this House notes reports in the Sunday Times suggesting that, at a time of an acute cost-of-living crisis for households and food inflation running at over 14 per cent, UK supermarkets are set to announce higher-than-anticipated profits; further notes reports that Tesco alone will forecast increased operating profits of nearly £2.5 billion, significantly above its five-yearly average; shares the reported fears of industry insiders that the supermarket giants are benefitting from so-called rocket and feather pricing, where prices rise sharply in response to an inflationary spike, only to remain persistently higher than necessary as the rate of inflation falls; is scandalised that corporate shareholders are making excessive profits while more and more households are forced to use foodbanks; is concerned that, despite these rocketing profits, large retailers in the food and drink sector continue to place undue commercial pressures on their suppliers, leading to a further squeeze on the terms and conditions of workers across the food sector and more suppliers closing sites or going into administration; further notes that food workers, like other low-paid groups in society, are disproportionately impacted by the relentless increase in grocery prices; agrees with the Bakers, Food and Allied Workers union in calling for urgent regulatory action to tackle the plague of excessive corporate profiteering by UK supermarkets; and urges the Government to introduce a statutory Right to Food for everyone in the country.