M&S chief hits out at UK food price-cap plan as ministers retreat
UK backs away from mandatory supermarket price caps after retail pushback Downing Street stepped back from the idea of forcing supermarkets to cap food prices on Wednesday, after retailers pushed back and Marks & Spencer boss Stuart Machin called the idea “completely preposterous.” Exchequer Secretary Dan Tomlinson told BBC Radio the government will keep talking with supermarkets but is not planning a mandatory cap. Cost of living is back in focus for politicians as prices keep rising. Reuters, citing a Financial Times story it later confirmed, reported that big grocery chains could be asked to hold down prices on basics like eggs, bread and milk if they get lighter regulation in return. Any price ceiling under the plan would not