Top Bank of England officials warn Reeves against supermarket price cap Economics Senior Bank of England officials have warned that price controls on essential goods are not an effective long-term tool to lower the cost of living, after it emerged the Treasury was pushing supermarkets to commit to cap prices of consumer staples. Speaking at a Treasury Committee appearance, governor Andrew Bailey told MPs that controlling the [...]
Starmer scrambles to limit fuel shortage hit Politics Sir Keir Starmer has spelt out a number of policies to address fuel shortages, signalling the government’s fears that the Iran war could hit motorists and households. During Prime Minister’s Questions, Starmer defended an announcement last year to “phase” new sanctions on Russia, while also trailing a policy to freeze a 5p fuel duty cut [...]
M&S boss says supermarket price caps ‘completely preposterous’ Retail The boss of M&S has dubbed government proposals to urge supermarkets to cap the prices of foods as “completely preposterous”. Stuart Machin, chief executive of the retail giant, called on the government to cut red tape and taxes on grocers instead of pressuring supermarkets to cut prices. The Treasury has reportedly been asking supermarkets to [...]
Andy Burnham refuses rule out manifesto-busting tax hikes May 20, 2026 Andy Burnham has refused to commit himself to protecting Labour Party manifesto commitments to not raise taxes. Burnham, who is Labour’s candidate in an upcoming by-election in Makerfield, declined to comment on whether he supported the party’s 2024 election manifesto. The Manchester mayor appears to be on a path towards becoming Prime Minister, sharing clips [...]
M&S profit slumps in fallout from cyber attack May 20, 2026 Marks & Spencer saw its profit slump by a quarter as the retailer took more than a £100m hit from its “traumatic” cyber attack last year. The FTSE 100 supermarket and clothing business saw pre-tax profit fall by 29 per cent to £365m in the year to March, despite sales growing by 25 per cent [...]
Inflation drops as Labour subsidies delay price surge May 20, 2026 Inflation dropped slightly compared to the result in the month before as Chancellor Rachel Reeves’ Budget policies stalled an expected surge in price growth. The Office for National Statistics revealed that the consumer price index (CPI) reading was 2.8 per cent, lower than expected by City forecasters. The data for price growth in the year [...]
‘Lost for words’ – Treasury sparks uproar with push to cap supermarket food prices May 19, 2026 The Treasury is putting pressure on supermarkets to cap prices on staple groceries as a quid pro quo for axing taxes and red tape amid fears the Iran war is set to unleash a painful bout of food inflation. According to leaked negotiations between major retailers and the government, the Chancellor’s officials have been pushing [...]
Tesco boss Ken Murphy took £1m pay rise in grocer’s bumper year May 15, 2026 Ken Murphy, the boss of Tesco, took a more-than £1m pay rise this year, bringing his total pay packet to £10.8m in the year the grocer solidified its dominant position in the market. The chief executive of the supermarket giant’s total pay packet for the 2025/26 year included £1.5m in basic pay, a £3.4m bonus [...]
M&S eyes up Brits’ weekly shops as food arm set to expand May 15, 2026 Marks & Spencer has not been shy over its ambition to conquer the British weekly shop, and the retail giant is nearing a crucial update on its foray into the UK’s fiercely competitive grocery market. M&S Food accounts for more than half (54 per cent) of the retailer’s revenues, and its recent warehouse expansions suggest [...]
Chicken roll boosts sales but Greggs warns of food inflation May 12, 2026 Brits’ warm embrace of the new chicken sausage roll has helped boost turnover at Greggs, but the company warned it could be burnt by food inflation if the Iran war persists. Greggs’ share price jumped more than six per cent on Tuesday’s market open, to 1,618p, though the stock remained down three per cent in [...]