Price cap on ‘basic’ food

THE UK government is considering a price cap on basic food items such as bread and milk. Food prices have risen by more than 19 per cent as of April 2023, prompting mitigation efforts.

The UK version of a French government initiative is said to be in its early stages of development and would only require supermarkets to introduce price caps on a voluntary basis. The supermarkets could also select the products which they saw as basic or essential.

With no plans for a mandatory cap, it seems that supermarkets will get to choose their approach or whether they participate at all. This news may not hold much relief for those suffering the worst ef ­ fects of the cost­of­living crisis.

Yet when the French government were able to come to an agreement with major retailers in March this year, it was seen to positively affect rates of inflation. This would be good news for the UK as inflation rates so far this year have been amongst the worst in Western Europe.

WITH recent admissions from arch­Brexiteer Nigel Farage that Brexit has failed, a new poll on Sunday May 28, revealed that a majority of voters would seek closer ties with the EU. Even in areas that recorded some of the highest leave vote ratios, there has been a glum admittance that we need to re­assess our relationship with the European Union. Lincolnshire saw a number of towns heavily in favour of leaving the EU, bend in the direction of closer ties with the trading bloc as the survey looked at a cross­section of the UK including around 10,000 pollers. With many of the promises of Brexit not being delivered so far, including low­

Moving into 2023 global average food prices were seen to fall, but many noticed the cost of food in supermarkets continue to rise.

Those worst affected by rising costs hope to see falling wholesale prices reflected in their supermarket bills, as we await any impact that the UK Government's proposed plan might have.