Call for food price caps ‘completely preposterous’, says M&S boss
The CEO of Marks & Spencer criticized a government proposal for voluntary price caps on essential food items, calling it 'completely preposterous.' He argued that the government should instead focus on reducing taxes and regulatory burdens to support supermarkets. M&S has faced significant financial challenges, including losses on basic items and increased costs due to new regulations and global conflicts.
- ▪Stuart Machin, the CEO of M&S, stated that the government should not interfere in business operations.
- ▪M&S has lost money on basic items like milk and bread and has slim profits on eggs and sugar.
- ▪The retailer is facing increased taxation and regulatory burdens, which are impacting its ability to grow and invest.
Opening excerpt (first ~120 words) tap to expand
M&S says it has already lost money on some basic items such as milk, bread and baked beans and made very slim profits on products such as eggs and sugar. Photograph: David Willis/AlamyView image in fullscreenM&S says it has already lost money on some basic items such as milk, bread and baked beans and made very slim profits on products such as eggs and sugar. Photograph: David Willis/AlamyMarks & SpencerCall for food price caps ‘completely preposterous’, says M&S bossStuart Machin argues government should reduce tax and regulatory burden on supermarkets insteadSarah ButlerWed 20 May 2026 06.00 EDTSharePrefer the Guardian on GoogleThe boss of Marks & Spencer has called a government proposal for voluntary price caps on essential food items “completely preposterous”, saying it should reduce…
Excerpt limited to ~120 words for fair-use compliance. The full article is at World news | The Guardian.
Discussion
0 commentsMore from World news | The Guardian
