A Labour plan to get retail bosses to cap the prices of everyday essentials in return for easing regulations has sparked fury among the bosses. The plans, proposed by the Treasury, limit the price of eggs, bread, and milk, but in return, ministers offer to ease packaging rules and put off rule changes related to healthy food. The news follows the opposition from the SNP administration in Scotland and the attack from Downing Street. 'Stuff and nonsense' is what Lord Stuart Rose labelled the cap when speaking to BBC Radio 4's Today programme, while M&S boss Stuart Machin also branded the proposals 'completely preposterous'. Coming at a time when the rate of food price increases has risen to 3.7 per cent in April and could reach almost 10 per cent by the end of the year due to the Strait of Hormuz blockade, the reaction is often considered to be in a bid to prevent food prices from skyrocketing inevitably.
Retail bosses have reacted with fury today at a Labour plan to get them to cap the prices of everyday essentials in return for easing regulations.
The bosses lashed out at 'completely preposterous' and 'idiotic' proposals by the Treasury for a limit on the price of eggs, bread, and milk. In return, ministers are said to have floated in easing packaging policies and delaying rule changes around healthy food. It comes just weeks after Downing Street attacked plans by the SNP administration in Scotland to use health powers to cap the price of everyday essentials, warning the move was 'incoherent and undeliverable'.
Former Asda chairman and Tory peer Lord Stuart Rose branded a potential cap as 'stuff and nonsense'. M&S boss Stuart Machin also branded it 'completely preposterous'. Agriculture Secretary Liz Truss called the proposals 'silly and misguided'
Labour Retail Bosses Price Cap Everyday Essentials Treasury Package Policies Food Price Increases INEI Blockade Liz Truss Stuart Rose Stuart Machin M&S Downing Street
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