Marie Sherlock (Labour) | Oireachtas source

Yesterday, a meeting took place between the Minister of State, Deputy Richmond, and the retail forum. It was held in the context of an increase in food prices of more than 10% in just ten months. Even though the war in Ukraine kicked off in February last year, there was a delayed impact on food prices, which began to increase in May 2022. The 10% increase in ten months has happened alongside the holding artificially high of energy prices, notwithstanding that wholesale prices were lower in January this year than they were when the war started last year.

There has been a lot of hand-wringing from the Government in recent days and much expectation placed on the meeting that took place yesterday. However, there has been no result from it. The question now for the Government is what it will do with the powers and tools it has in its armoury. Legislation from 2007 allows for the introduction of price caps. Just as important is the fact that the more than 5,000 companies in this State that are allowed to be unlimited companies include some of the major retailers. Unlimited company status allows companies to shield themselves from any scrutiny of their accounts, which is not the case for a private limited company.

We have had the company law review groups, CLRGs, and various commissions over the years. It is critical to ensure transparency on the part of the major retail conglomerates operating in this country as to the reporting of their profits on an annual basis. The Government has it within its powers to change company law to require all companies to perform such reporting. It is important not only for consumers but also for workers that it be done. We have a situation this week whereby Tesco wants to change and reduce the payments, particularly premium payments, it makes to its delivery workers. This is happening in a context in which we must rely on market research by Kantar to tell us that Tesco has recorded the highest increase in market activity this year, with a 14% rise in trade compared with last year. It is not good enough that we have to rely on market research. We should be able to see the accounts of companies and have true accountability. It is fantastic that a regulator is to be set up to look at prices between processors and retail. We need to be able to shine that spotlight on how retailers work.

The events overnight in Israel are absolutely disgraceful. We had a great occasion yesterday in the Picnic for Palestine, organised by Amnesty Ireland and Senator Black. The attacks perpetrated by Israel last night must be absolutely condemned.

I second Senator Higgins's proposed amendment to the Order of Business.