April 25, 2023
Corporate profits rise as real wages fall – Louise O’Reilly TD

Speaking this afternoon Sinn Fein spokesperson on enterprise, trade, and employment, Louise O’Reilly TD, has called for lower prices to be passed onto consumers amid Central Statistics Office and European Central Bank data that shows corporate profits are rising while workers real wages are falling.

Teachta O’Reilly said:

“Over the past year the government has cautioned against wage increases fuelling inflation.

“This mantra has been repeated ad nauseam by policymakers and Government ministers.

“Sinn Féin warned that the solutions pursued and promoted to tackle inflation, such as wage restraint and reductions, come at a cost and are most damaging to workers and those in debt. 

“Against the backdrop of these debates the European Central Bank (ECB) highlighted that corporate profiteering contributed twice as much to price rises as wage increases.

“In addition, data from the Central Statistics Office (CSO) has outlined how corporate profits are rising while workers real wages are falling.

“Real wages were estimated to have decreased by 3.3 per cent, representing one of the biggest erosions in living standards since the financial crisis.

“It should be reinforced that solutions to inflation should not drive down living standards or demand.

“In the face of this corporate profit-price spiral it is essential that lower prices are passed on to consumers.”

Follow us online

Latest Tweets

Gardaí must be given all necessary support to end scenes of intimidation at Malahide Road – Pa Daly TD

"This is a community under attack from people determined to spread fear and hate. The community wants the mindless violence to stop immediately."

There are serious questions to be answered about the use of Shannon Airport. We're talking about potential complicity in Israeli genocide.

The time has come to impose sanctions on Israel's regime, which has been responsible for the deaths of up to 185,000 people @Farrell_Mairead

Cllr. Mícheál Mac Donncha condemns ‘deplorable’ violent criminal acts on Malahide Road

"This is an effort to spread fear and hate in our communities and the vast majority of decent people want nothing to do with it."

The next time a ball is kicked for the European Championship, it could be at Casement Park!

This is our time to shine on the global stage. Let’s make it happen!

#Euro2028

Load More