Profits at Britain’s three big listed supermarkets are set to keep shrinking over the next year as shopper cut back, The Daily Mail has reported. The combined profit of Tesco, Sainsbury’s and Morrisons is expected to fall to less than £1bn over the coming year – a quarter of historic levels – according to some City analysts. Profits are not expected to show signs of recovery until 2017 at the earliest, the paper added.

The Guardian brings out the big guns to provide further commentary on Tesco’s annual results last week. Political commentator Will Hutton said the supermarket’s fell told a wider story about the failings of capitalism in the UK. He added that the retail giant had not been alone is being organised as a profit machine dedicated to shareholders, not customers. “Of course, companies make mistakes: their rise and fall is a healthy and inevitable part of the rhythm of capitalism,” Hutton said. “But Tesco’s travails go beyond that. They are part of a larger pattern that takes us to the heart of how our economy and society are run. This is now not only revealing itself as a breakdown of trust in business, but seeping into the fragmentation of support for our principal parties and the accompanying dysfunctional political system.”

Co-op chairman Allan Leighton has spoken to The Guardian ahead of the society’s annual meeting in three weeks’ time. Since taking his seat, he has been accused by longstanding members of the Co-op of taking a “totalitarian” approach to the appointment of board directors. The row is over why just three candidates were put forward for three boardroom positions to represent members – rather than the full shortlist of six. “My whole style is you work with people and you listen to hear,” Leighton said. “It’s easy to make these wild accusations because they make great headlines and the real test is what’s the substance,” said Leighton.

The Groceries Code Adjudicator setting up surgeries at its annual meeting in Westminster on June 22 to encourage suppliers to come forward and blow the whistle on practices by the big chains (The Times £).

The Weston family has seen its fortune increase by £3.7bn in the past year, according to the latest Sunday Times Rich List. The family behind Primark, British Sugar and Twinings, has emerged as the biggest gainer over the past 12 months, with its collective wealth now put at £11bn.

The new boss of BHS has vowed to restore it to its historical place on the high street, targeting “Primark at one end and Marks & Spencer at the other”. The Times has spoken to Darren Topp following the controversial sale of the retail chain earlier this year.

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