Unilever CEO says we are being ‘seduced by the market’ into not realising extent of Covid economic crisis

The chief executive of consumer goods giant Unilever has said the public is being "seduced by the market" into not seeing the real extent of the economic and jobs crisis created by the pandemic. 

Speaking on a panel at the CBI conference on Monday, Alan Jope said: “I think a year from now we will look back and it will have been more difficult than most commentators are reflecting. 

"We are being seduced by the market which is a few big resilient companies and how they're doing, the impact on SMEs and jobs has not yet worked its way into the economy, so I think we're in for a bumpy ride."

Consumer behemoths including Unilever and Reckitt Benckiser have remained resilient despite the pandemic’s impact, with sales of hygiene products up. 

Unilever, behind brands including Pot Noodle, Marmite, Dove soap and Ben & Jerry's, saw sales growth gain 4.4% in the three months to the end of September.

Jope, who took over at the company in January 2019, urged businesses to “invest in upskilling our people” as the pandemic sees millions lose jobs. 

He said:  "And I'd like to blatantly take advantage of this opportunity and urge everyone who is listening to get behind Britain's 'green recovery'... If Britain gets behind investing in digital, investing in upskilling our people and a green recovery, those will be great moves."

Asked about the jobs agenda, he revealed the “three areas” in which the company is looking to expand.

He said: "We [Unilever] are stingy deployers of capital and operating expense, but there are three areas where if someone comes forward with a proposal the answer is 'yes'.

“Those three areas of spend for us are in green technology, in upskilling our people, and in IT investment and digitalisation.”