The Chancellor of the Exchequer, , spoke to food manufacturers
today about the cost of food in the UK.
The Chancellor highlighted the widespread concern among the
British public about the current level of food prices and their
impact on household budgets, particularly for the most
vulnerable. He listened to the views of manufacturers about the
causes of food inflation, reiterated the support announced by the
Prime Minister last week for the UK food sector, and agreed that
food manufacturers would continue to engage with senior
government ministers about potential measures that government and
industry can take to ease the pressure on
consumers.
The Chancellor also met with the independent Competition and
Markets Authority (CMA) and heard more about the scope of their
investigations into road fuel and their stepping up of work on
groceries prices, including the possible action that could be
taken by the CMA. The Chancellor confirmed that the government
stands ready to update pricing rules and guidance on the back of
the CMA’s review of unit pricing.
With food inflation at 19.2%, the Chancellor emphasised that the
government’s current focus is on measures which will help tackle
increasing costs in the food sector. Prices are coming down
across other parts of the economy, with energy bills also
expected to fall as Ofgem announces the new cap on Thursday (25
May).
Notes to editors
- A readout of the Chief Secretary to the Treasury’s meeting
with supermarket representatives can be found here.
- The package of measures to support the food supply chain at
the UK Farm to Fork Summit can be found here.
