Cynical Unilever is ignoring the public

UNDER normal circumstances, in the intensely competitive British retail industry, the price row between Tesco and Unilever would be unremarkable. But in these febrile post-referendum days, it was elevated to a national crisis by pro-Remain campaigners desperate to claim Brexit is destroying the economy.

Indeed, from the way it was projected through the BBC echo chamber yesterday, you would have been forgiven for thinking Brexit had killed off Marmite altogether.

Last night a deal was done, but that shouldn’t stop corporate behemoth Unilever facing richly deserved criticism for using the pound’s fall since June 23 as an excuse to hike by ten per cent the cost of some of our best known brands.

In doing so, it was using Brexit as a cover for blatant profiteering. Import costs, even by the company’s own measure, are up three per cent. Any anyway, Marmite, like many other products, is made entirely from British ingredients.

Particularly galling are the firm’s blatant double standards. When the pound was overvalued, and commodity prices low, it enjoyed the profits instead of passing on price cuts. And it fails to mention that the falling pound makes its exports much more profitable.

But put to one side Unilever’s abuse of its economic muscle (profit margins are higher than at Tesco) and ask whether it acted out of cynical political intent.

Remember that in the run-up to polling day, the firm’s chief executive, Paul Polman – who earned an eye-watering £9.3million last year – issued dire warnings on the consequences of Brexit – including that it would push up the cost of icecream. Of course, there will be trouble ahead, but how wrong he was about the economy, which has been doing very well.

Yes, we understand why Unilever – which benefits from an endless supply of cheap EU labour – has a vested interest in staying in the single market, with its untrammelled free movement which suppresses UK wages and puts immense social strain on our communities.

Nor are they alone. Only this week Brussels cheerleader the CBI was wailing about Britain heading for a ‘cliff edge’ and demanding open- door migration continues. How galling that within hours of the outburst it emerged that JCB – one of our key industrial exporters – had quit the lobby group in protest.

What a pity that Unilever, a company with proud British links, doesn’t share JCB’s patriotism and respect for the will of the people.