Price Caps

Stuart Machin argues government should reduce tax and regulatory burden on supermarkets insteadThe boss of Marks & Spencer has called a government proposal for voluntary price caps on essential food items “completely preposterous”, saying it should reduce tax and regulatory burdens instead.Stuart Machin, the chief executive of the clothing, homewares, food and beauty retailer, said M&S already lost money on some basic items such as milk, bread and baked beans and made very slim profits on other products such as eggs and sugar. Continue reading...

Retail sources rebuff government proposal as ‘unjustified’ and likely to push costs up across boardUK supermarkets have been asked by the government to consider putting a price freeze on some essential foodstuffs to protect the public from inflation fuelled by the Middle East conflict.Retailers rejected the plan, criticising its potential costs amid rising taxes, fuel and energy costs and arguing it could push up prices for shoppers overall. Continue reading...