But after ministers’ discussions prompted lots of headlines about price caps, they appeared to row back from the idea, insisting that any such move would be “voluntary”. A government spokesperson said: “The government is not considering imposing price caps. Any scheme to help bring down food prices for consumers would be voluntary and at retailers’ discretion.”
So will there be a cap on prices?
It’s looking unlikely for now. The government’s thinking emerged in The Sunday Telegraph before the idea had been thought through. Government sources admit it is at “drawing-board stage”. It might now remain there after a backlash from retailers, economists and Conservative MPs.
Where did the idea come from?
Ministers want to bring retailers and suppliers together to ensure prices are kept as low as possible for hard-pressed consumers. Their idea seems similar to an “opt-in” programme in France, where some retailers promised to freeze prices to create an “anti-inflation quarter” between April and June. They face spot checks to ensure they do not squeeze their suppliers.
This story is from the May 30, 2023 edition of The Independent.
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This story is from the May 30, 2023 edition of The Independent.
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