“Warflation” may send the cost-of-living crisis higher, but the UK’s CEOs and Lords are unbothered by it.
M&S chief executive Stuart Machin is calling reported discussions by the UK Treasury to cap the prices of essential goods – such as eggs, bread, and milk – “preposterous.”
The Treasury has reportedly been asking supermarkets to volunteer to slash prices on essential foods to protect the public from spiralling inflation caused by the Iran war. However, Treasury Secretary Dan Tomlinson told the BBC there were no plans to introduce a mandatory price cap on food by the Westminster government.
Since the CEOs are too hurt by caps, the government is going to reduce import tariffs on over 100 products, including biscuits, chocolate, and baked beans in a bid to rein in prices.
Machin is not alone. Lord Rose joined him.
“It’s idiotic, it’s dangerous, and it will never work,” said the former Asda chairman, responding to reports that the government is urging supermarkets to limit food prices.
Marie Antoinette is said to have apparently jested as she was told of the starving masses: “Let them eat cake.” The phrase symbolises a wealthy, out-of-touch elite dismissing the suffering of ordinary people.
These CEOs and Lords are certainly exhibiting symptoms of that.
Food price shock
The Food and Agriculture Organisation has said that decisions today on fertilizer, imports, money, and crops will determine whether food prices spike by late this year or early 2027.
US and Israel’s war of choice, which has led to the closure of the Strait of Hormuz, could trigger a severe global food price crisis within six to 12 months unless governments act quickly.
FAO also warned the crisis could deepen with the onset of the El Nino weather phenomenon, which is expected to disrupt rainfall patterns across several regions.
But for now, while the vulnerable brace for hunger, the elite brush off price caps as preposterous and call it common sense.
Featured image via Leon Neal / Getty Images
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