The Treasury’s supermarket food price cap wheeze was bananas | Nils Pratley
The UK Treasury's proposal for voluntary price caps on food staples has been met with significant backlash from retailers. Marks & Spencer's CEO called the idea 'completely preposterous,' highlighting that the UK food market is competitive and not in a state of emergency. Experts argue that price caps could lead to negative consequences for supply and suggest that the government should focus on ensuring competition rather than imposing price controls.
- ▪Stuart Machin, CEO of Marks & Spencer, criticized the Treasury's proposal for price caps as 'completely preposterous.'
- ▪The UK food retail market is considered more competitive than that of continental Europe.
- ▪Food inflation was reported at 3% in April, and while it may rise, the UK is not facing an emergency situation.
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UK food retailing is generally regarded as a more competitive place than continental Europe. Photograph: Alicia Canter/The GuardianView image in fullscreenUK food retailing is generally regarded as a more competitive place than continental Europe. Photograph: Alicia Canter/The GuardianNils Pratley on financeSupermarketsThe Treasury’s supermarket food price cap wheeze was bananasNils PratleyRetailers such as M&S need not worry – the UK is not in a state of emergency and competition is clearly working Call for food price caps ‘preposterous’, says M&S boss Wed 20 May 2026 12.41 EDTShare“Completely preposterous,” said Stuart Machin, chief executive of Marks & Spencer, about the Treasury’s proposal for voluntary price caps on food staples.
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