British government plans a price cap on basic food products
British government plans a price cap on basic food products
British Retail Consortium blames new regulations for the ever-increasing costs
The UK government is contemplating directing retailers to cap the prices of basic food items, including bread and milk, as the price of such essentials continues to rise in the double digits.
While it has been reported that Britain’s health minister, Steve Barclay declined of being aware of any such move, 10 Downing Street, the office of Prime Minister Rishi Sunak, is known to be in talks with supermarkets. It intends to pursue a deal similar to France,s where major retailers charge the ‘lowest possible amount’ for such items.
The British Retail Consortium (BRC), representing major supermarkets, blamed the government's new regulation for the rising costs. It urged the authorities to simplify rules instead of “recreating 1970s-style price control.”
The BRC official, Andrew Opie, remarked, "This will not make a lot of difference to prices. High food prices are a direct result of the soaring cost of energy, transport, and labour, as well as higher prices paid to food manufacturers and farmers."
