Rachel Reeves suffered a major backlash on Wednesday over her ‘completely preposterous’ plan to cap food prices.
Marks & Spencer, the Bank of England and the CBI hit out at the Chancellor’s suggestion that stores limit the price of essentials such as eggs, bread and milk.
The proposal was described as ‘mad’ and ‘neo–Soviet’ by one City analyst, while Bank of England governor Andrew Bailey told MPs price caps were ‘not sustainable’ in the long run.
M&S chief executive Stuart Machin said ministers should instead consider reversing the tax and red tape burdens they are piling on to firms which are driving up
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