Pinned
The pushback to this tweet revealed how many people hear a large nominal figure and stop thinking proportionally.
Tesco made about £3bn last year on roughly £70bn in revenue. On that scale, a £3bn profit is a remarkably thin return.
My thoughts for the @spectator👇
Supermarkets have profit margins of between just 2% and 4%.
Price caps have a long history of producing shortages, weaker supply and many empty shelves.
Britain went down that path in the 1970s - it didn't end particularly well...
