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“McDonald’s operating profit margins were 52% in the same year, the highest of the ten largest publicly traded fast food companies.”

The firm denied the change was related to its profit margins, with Manner boss Richard James telling the BBC in June that the firm "wanted to listen and take on board feedback".

Razor-thin profit margins had limited the number of companies that were willing to make generic drugs.

Tax-exempted goods are also not subject to VAT but suppliers cannot claim back input VAT, leading to higher prices for consumers or reduced profit margins for businesses, economists and activists say.

Real incomes are up, and for many businesses outside retail and hospitality, the rise in National Insurance contributions has been accommodated by a squeeze to profit margins and wage rises.