Tesco investors are being urged to reject the supermarket's pay report at its annual general meeting, with advisory firm PIRC recommending that shareholders oppose the pay deal. PIRC's criticism comes as households across the UK are struggling with rising energy bills, with the average household energy bill standing at over £2,000 per year, according to data from Ofgem.
Meanwhile, food prices are also on the rise, with the average weekly shop increasing by 10.5% in the past year alone, according to the Office for National Statistics. This is having a significant impact on household budgets, with many families relying on government support schemes such as Universal Credit to make ends meet.
Furthermore, housing costs are also a major concern, with the average rent in the UK standing at over £800 per month, according to data from the Office for National Statistics. This is leaving many households struggling to make ends meet, and critics are calling for Tesco to do more to support its employees and the wider community.
Citizens Advice has warned that many households are being pushed to the brink of financial crisis due to the rising cost of living, with over 300,000 households in the UK struggling to pay their energy bills, according to the charity's research. MoneySavingExpert's Martin Lewis has also highlighted the need for households to take action to reduce their energy bills, suggesting that switching to a cheaper energy provider and insulating homes can make a significant difference.
What this means for you: With household budgets under pressure, it's essential that companies like Tesco take responsibility for their role in the cost of living crisis. By rejecting the pay report, investors can send a clear message that excessive fat cat pay will not be tolerated.