Fuck you tesco!

[JacketPotatoFoodOfTheGods]

The boss of Tesco has seen his pay package more than double to £10m following a bumper share award. Ken Murphy, who took over as chief executive of the UK's largest supermarket group in October 2020, was paid £4.7m in salary and bonuses in the year to February

Seriously?! Most people struggling with massive hikes in the cost of living and this multi millionaire mire than doubles his income.

This is a really good point. Many Tesco employees will be on Universal Credit because their salaries aren’t high enough to actually live and raise a family on.

Make that make sense.

Quite a few of the offers that they used to do have disappeared over the last six months and these made a big difference to me as they were basic day to day things.

Eg sliced cheese was 2 packets for £4. Now it’s £2.80 each, no discount for buying two. That’s an increase of nearly 50%.

Spead/dip type things ie hummus, sour cream etc used to be discontinued if you bought 2. Gone now.

And the cheap white bread that I actually quite liked at 89p has vanished and the next cheapest is £1.50.

I expect more of the essential things they do offers on will continue to disappear.

So the top guy has clearly sussed how to get more money out of the customers, hence his salary and the multi billion profits.

Do you really think Tesco will make any less profit under a Labour government? Call me cynical but I very much doubt it and I have seen governments of both shades come and go over the years.

To give a bit of balance I bought a Tesco 'Finest' pizza and got a garlic bread cheaper as a 'Meal Deal' for six quid.

So... there we are. We're all winners.🤔

No. The general election comment was in response to someone complaining generally about Brexit and the Conservatives being in power. I have moved on from commenting about Tesco.

But there were businesses and economics in the 70s and there weren't these massive differences between the pay at the top and the pay at the bottom. What has changed? Plus the bottom now have to receive taxpayer funded top ups in order to live reasonably.

I don’t think the chief exec of Tesco was living in a semi in Croydon in 1974 either.

It's fine saying ' vote with your feet ' but these big corporations and companies have ( very cleverly ) weaved our way into our lives that we would miss them if they were not around. From online deliveries having special deals and everything under one roof, it would be difficult to go back to the days when they were not so prominent in our lives ( I mean all the big supermarket chains and the off shoot ones at petrol stations and so on as well)
No wonder they have made such big profits
Rachel Reeves seems hand in glove with ' big businesses ' so even if Labour did manage a win , I very much doubt anything will change in regards to ' fat cat' salaries or bankers bonuses tbh , but that's only my opinion.

This has been the case since the BS claims of 'increased costs if production' when supermarkets started hiking up prices. Speaking to friends who are farmers, they're being passed on fuck all of those increases - it's all to line the executives and shareholders pockets.

You know a lot of the shareholders are pension funds, right?

Absolutely. The very least supermarkets could do would be to sell you food for the donation bins at a cost plus 10% transaction. It's shameful that they profit on shoppers trying to help alleviate others who are struggling.

Farmers have always had beef with the supermarkets for years and years and it's gotten worse.
I know that Jeremy Clarkson isn't a mumsnet favourite, but his show has opened my eyes to how hard it is working in agriculture nowadays as I was of the view they were all wealthy land owners! I'm sure that many are not and are really struggling.
( I appreciate he isn't the best example, but his show has been informative about red tape and regulations and just how expensive everything is to run)
They like to portray a happy co existence with the likes of Tesco , but it's not.

I've read this on line , some can't boycott because of the lack of options. It seems many don't have much choice and they own other brands as well. Sounds like Australia where the are 2 big players not much choice at all. Boycotting Tesco in the UK would be easy for most of the population. We have a lot of choice and an average food cost compared with other European countries.

There wasn't SM in 70s or mandatory disclosures so people just didn't know about these disparities and felt much happier. It was much worse in middle ages but everyone took this for granted.

Half of his package is reward shares and it's approved by shareholders based on his performance. The structural problem here is that Tesco and the likes can do all nice things like increasing salaries, reducing prices etc and be sweethearts, but this would mean reduction of profit resulting in drop in share price and dividends. Now, of course there are multiple individual shareholders, but VERY significant proportion of shares is owned by pension funds and drop will mean reduction of our pensions. For all of us, both public and private. And also drop in tax income for HMRC.

But I do totally agree that entire set up of our society is wrong and it shouldn't be like this.

Yep 💯

🙌🙌🙌

Great they are also pushing junk food onto people. Increasing the strain on our NHS as well as paying their employees in store so little money het have to claim benefits paid by our taxes.

Just so long as the fat cats can continue to line their greedy pockets eh!

Oh yes they've been fucking the farmers over for decades!

We should be mindful of it yes but profiteering is the whole point of the private sector. They exist to make as much profit as they can.

Because the price of my weekly shop kept rising I stopped going to Tesco and now visit one of the budget supermarkets and save about £30 a week on the main shop. However I have no qualms with Tesco nor the brands they stock charging what I consider high prices. I simply vote with my feet.

There is no doubt in my mind that some retailers are taking the piss with their prices in the hope that the brand is strong enough to maintain sales. However there is also no doubt in my mind that it is entirely possible to buy good food at very reasonable prices.

It is the food manufacturers job to make as much profit as possible for their owners and or shareholders. It is your job to source your food shop at a price point you consider acceptable.

British supermarket profit margins are amongst the lowest in the world whilst the market for retail food is one of the most competitive.

It makes me so angry when I see the donation baskets in Tesco for the local food banks. They could fund every single food bank for years but instead they do this fake community service bullshit

But why should Tesco do this? It’s a business, not a charity. It does not have a responsibility to fund food banks or to ensure everyone in society is cared for.

That’s the role of government - why not the anger to them?

I understand that some people dont like the societal disconnect with a boss earning that much, but economics dictates that if you have huge listed businesses in the UK (which are good for UK employment and tax income) you will have ultra-wealthy CEO pay packages.

This is soooo true!
UK food is so much cheaper than in continental Europe! just go to www.carrefour.fr for some fun checking prices

Nobody would apply for the CEO job if it only paid 5x minimum wage.

I wonder what would happen if the shareholders revolted and set a maximum pay of £1 million ? Setting aside the employment legalities with this bloke. OK, he might quit but I'm sure they'll be able to find someone willing to do it. And then what? That person would be really shit because they 'only' got paid a million quid? I struggle to believe this. In fact I just don't believe it.
Apparently women in high flying roles like this have a pay gap with men. Does this mean women are rubbish at running things compared to men? Or is something else going on? As far as I can see its just a big fat lie that you have to pay this sort of money to get the best results. I don't know why shareholders put up with it. In fact I do know why, it's because the shareholders are mostly big pension and managed funds run by people on astronomical salaries so have an interest in keeping the lie going.

Nor me, he’s probably taking calls gone midnight.