Tesco is turning into a visual representation of Britain’s economic problems. Its results show what happens when global crises and the government’s staggering economic incompetence interact.
This is the retailer of what you might call “the middle 95 per cent”. Unless you’re a banker or CEO or entirely reliant on food banks, you’re likely to find yourself shopping there at some point.
It might be the middle 90 per cent or even 85 per cent by the time Liz Truss is done and the number of people in grinding poverty has reached its peak.