The UK economy is facing high inflation driven by corporate greed, squeezing living standards. Leicester East has a high child poverty rate despite the large number of food and garment factories in the area. The Bank of England's interest rate hikes punish ordinary people rather than addressing corporate profiteering.

Two thirds of constituents in Liverpool West Derby are cutting back on essential utilities, and one in three are experiencing food poverty. Industry profit increases have been excessive for shipping firms, oil refineries, agribusinesses, and energy companies while many face fuel poverty.

It is perverse that in a rich economy, supermarkets are making billions of pounds while parents steal baby formula due to inability to afford it. This highlights a significant systemic issue.

Mr McDonnell discussed the impact of climate change on food supply and highlighted profiteering as a significant issue. He cited a 97% increase in supermarket profits and a 255% rise for agribusinesses. He called for price controls, an excess profit tax modelled after Rab Butler's 1950s initiative, and regulations against financial speculation in food markets to prevent further exploitation of the current economic situation. Will the Minister explain the role that Putin played in ensuring that Tesco, Sainsbury's and Asda increased their prices to such an extent that they have increased their profits by 97%? Let me explain this to the Minister. There is such a thing as the Co-op party, of which some people on this side of the House will be members, and there is such a thing as the Co-op store. The Co-op store is not related to the Labour party; it is a completely separate commercial entity. The Co-op party is separate completely, so there is no relationship between the Members here and the Co-op store, although some of them might shop at it.

Ms Hollern echoed concerns about the government's narrative that wages are driving up inflation, highlighting corporate profiteering as a major factor. She cited statistics from Unite the union showing FTSE 350 profit margins increasing by 73% between 2019 and 2021, and by 89% in the first half of 2022 compared to the same period in 2019. She noted that shareholders of TransPennine Express received a £15 million bonus last year while residents faced travel issues. In Blackburn, 16.6% of households live in fuel poverty, higher than the national and regional averages.

I am concerned about the rising prices of baby formula, which has led to desperate parents resorting to stealing or purchasing black market alternatives. The revenue in the UK food market's baby segment is set to increase by £265 million over four years.

I agree with my hon. Friend that the debate needs reframing, especially as prices for food and non-alcoholic drinks are rising at their fastest rate in 45 years, with cheese up 44% and bread and cereals increasing by 19.4%. This is indicative of 'greedonomics'. I agree with my hon. Friend that it is unjust for companies to make massive profits while failing to pay decent wages to their staff, thereby exacerbating the economic disparity. Will the Minister come back to the question from my right hon. Friend for Hayes and Harlington? Why have profits increased so much?

I am aware that the IMF's chief economist has stated that profit margins have surged, while wage inflation lags behind. I suggest exploring avenues to boost wages, including a £15 minimum hourly wage and above-inflation public sector pay rises.

Emphasised that corporations are hiking prices to increase profits, which is a significant cause of inflation. She supported the call for an excess profits tax and price caps on essential goods.

Profits can be good if they are used wisely, but the question is how big do profits have to be and how were they created. He criticised the idea that greed drives people to generate bigger profits and emphasised the need for prioritising wellbeing over profit, advocating for a four-day working week and universal basic income.

She highlighted that real wages are lower than they were 15 years ago and called for policies to support people during the cost of living crisis. She also mentioned Labour's call for a windfall tax on energy giants to support working people with their bills and energy prices, suggesting it could raise an additional £10.4 billion.

Ms Sultana addressed the disparity between soaring profits for big businesses and rising costs for constituents. She mentioned that FTSE 350 profit margins increased by 73% from 2019 to 2021, and were up 89% in the first half of 2022 compared with the same period in 2019. She also referenced investigations showing supermarkets like Tesco, Sainsbury's, and Asda experiencing a 97% profit increase between 2019 and 2021. I mentioned that.