UK Treasury can stop increasing their costs then. You can’t spike NMW and expect nothing to happen to organisations with a lot of NMW staff.
jangrol on
UK treasury tries capping food prices.
Shortly after, UK shoppers wonder why there’s no food on the shelves.
WildKey9307 on
Fair prices for food means fair prices for farmers and producers across the chain.
Shoddy-Television530 on
Prepare yourselves for the 1970s winter of discontent redux
D1789 on
Government department responsible for public finances at a time when the tax burden is the greatest its been since WWII, is trying to get private companies to put a cap on essential food items because people can’t afford them… in part because of how much we’re being taxed!
Dedsnotdead on
I remember reading that the average gross profit of a large supermarket in the U.K. is 3%.
If that’s the case how are they planning on managing prices and keeping them down?
Operating costs, business rates, energy costs are all up. Ultimately that all gets passed on to us.
RecentTwo544 on
I know people like to think supermarket management and CEOs are all raking in millions and laughing at people struggling to buy a weekly shop, and as a socialist I’m no fan of megarich CEOs scraping as much off the top as they can in order to get rich while people struggle, but –
I’ve seen various convincing posts/replies on Reddit that suggests supermarkets do not really operate on large profit margins and are very much keeping in line with what products they sell are costing, rather than maximising profit. There are clearly some examples, steak springs to mind, where they are taking the piss, but these inflated prices are generally aimed at better-off shoppers. Your basics aren’t insanely priced in terms of supermarkets taking the piss.
Rising prices are generally due to global factors, and everyone down the chain needs to live.
If they’re going to cap prices in supermarkets, they need to cap fuel and fertiliser costs for farmers too, which I don’t see being proposed.
jashford2 on
Interesting take when they have directly been upping the supermarkets expenses (not against the wage one specifically)
and they run on razor thin margins anyway
Such a joke – increase minimum wage above inflation, increase employers national insurance rate and start it at a lower level – which hits employers of part time workers – then shocked face when shops increase prices when their power and fuel costs have shot up as well!
*One retailer described the idea as “crazy” and the act of a “desperate” government.* Spot on.
Salty-Bid1597 on
>The UK Treasury is pushing large supermarkets to introduce voluntary price caps on key groceries in return for lifting some regulations
jfc. Great optics there guys.
>“It is a completely ill-thought-out, last-minute idea . . . The idea that the government can set prices better than the market is for the birds,” one person familiar with the discussions told the FT.
No shit
>The meeting initially had to be rescheduled after bosses balked at being summoned by the Treasury. When it took place, retailers asked ministers to address government policies that they blamed for contributing to inflation
Good, glad someone is pushing back on this nonsense.
>Supermarkets have long complained about operating on tight profit margins in the UK. However, Tesco, Britain’s biggest supermarket, recently posted an 8.5 per cent rise in annual pre-tax profits to £2.4bn on revenues of £66.6bn.
Come on Jim, the FT is better than this. That’s 3.6% before tax, 2.7% after. That is tighter than the Treasury’s error bars.
EastRiding on
Can we get rid of loyalty scheme discounts first? Maybe make the price in the shelf the competition point
Anony_mouse202 on
How is the literal treasury so economically illiterate that they think price controls work?
Own_Character8049 on
Further moves by the government towards a more command economy
bozza8 on
Fucking stupid idea. We know how this ends, what idiot thought they can dictate food prices from central government? It’s mad.
peakedtooearly on
This is a sign they are expecting BIG inflation coming down the pipe later this year, think 20-30% price jumps.
EmmaShosha on
they’ll lock the food prices but then to combat this
they’ll shrink the food
ftatman on
It’s funny how these ideas always seem to come 24-48 hours after someone else suggests them. Can the treasury take a lead on something for once please?
UtopianScot on
I was firmly told by Scottish Labour this idea was nonsense, when it was proposed by the SNP
InTheEndEntropyWins on
Can’t read the article. But it would be really good if they just capped prices of whole and healthy foods.
ShyBiSaiyan on
Meanwhile the goverment tells us to eat better and calls us all unhealthy and fat, yet the cost for eating better far outweighs the cost (both financially and time as we are a time poor country) of eating processed and junk food being up to twice as expensive. 😑
adm010 on
Being that supermarkets sell other companies products and dont make much margin, id suggest its each of the endless suppliers of food and everything else in a supermarket are the cuprits. Shrinkflation isnt the supermarkets doing
mattymattymatty96 on
Tesco could cut their prices and make the savings by cutting their ceos pay. Ridiculous amount
FranklinJJunior on
So we’ll inevitably end up with higher prices and less choice. The UK super market sector is super competitive, to the ultimate benefit of consumers. The last thing we need is the UK government sticking their oar in
FlukeylukeGB on
its a free market…
you start adding fake false caps on shit and it will just stop getting sold once the profit vanishes…
Milk must be capped at £3 per liter
2 years later, it costs £2 to make a liter of milk with the last £1 eaten by logistics and taxs
All the shops that have sold milk at £3 per liter no longer stock or sell milk
Price cap worked, the price to the buyers never went over £3
Nulloxis on
Going straight for the raid boss without taking out the minions is a big mistake when you’re playing DPS and the tank is already low on hp with a dead healer.
25 Comments
UK Treasury can stop increasing their costs then. You can’t spike NMW and expect nothing to happen to organisations with a lot of NMW staff.
UK treasury tries capping food prices.
Shortly after, UK shoppers wonder why there’s no food on the shelves.
Fair prices for food means fair prices for farmers and producers across the chain.
Prepare yourselves for the 1970s winter of discontent redux
Government department responsible for public finances at a time when the tax burden is the greatest its been since WWII, is trying to get private companies to put a cap on essential food items because people can’t afford them… in part because of how much we’re being taxed!
I remember reading that the average gross profit of a large supermarket in the U.K. is 3%.
If that’s the case how are they planning on managing prices and keeping them down?
Operating costs, business rates, energy costs are all up. Ultimately that all gets passed on to us.
I know people like to think supermarket management and CEOs are all raking in millions and laughing at people struggling to buy a weekly shop, and as a socialist I’m no fan of megarich CEOs scraping as much off the top as they can in order to get rich while people struggle, but –
I’ve seen various convincing posts/replies on Reddit that suggests supermarkets do not really operate on large profit margins and are very much keeping in line with what products they sell are costing, rather than maximising profit. There are clearly some examples, steak springs to mind, where they are taking the piss, but these inflated prices are generally aimed at better-off shoppers. Your basics aren’t insanely priced in terms of supermarkets taking the piss.
Rising prices are generally due to global factors, and everyone down the chain needs to live.
If they’re going to cap prices in supermarkets, they need to cap fuel and fertiliser costs for farmers too, which I don’t see being proposed.
Interesting take when they have directly been upping the supermarkets expenses (not against the wage one specifically)
and they run on razor thin margins anyway
BBC reporting of this – [https://www.bbc.co.uk/news/articles/c5y7qz806q3o](https://www.bbc.co.uk/news/articles/c5y7qz806q3o)
Such a joke – increase minimum wage above inflation, increase employers national insurance rate and start it at a lower level – which hits employers of part time workers – then shocked face when shops increase prices when their power and fuel costs have shot up as well!
*One retailer described the idea as “crazy” and the act of a “desperate” government.* Spot on.
>The UK Treasury is pushing large supermarkets to introduce voluntary price caps on key groceries in return for lifting some regulations
jfc. Great optics there guys.
>“It is a completely ill-thought-out, last-minute idea . . . The idea that the government can set prices better than the market is for the birds,” one person familiar with the discussions told the FT.
No shit
>The meeting initially had to be rescheduled after bosses balked at being summoned by the Treasury. When it took place, retailers asked ministers to address government policies that they blamed for contributing to inflation
Good, glad someone is pushing back on this nonsense.
>Supermarkets have long complained about operating on tight profit margins in the UK. However, Tesco, Britain’s biggest supermarket, recently posted an 8.5 per cent rise in annual pre-tax profits to £2.4bn on revenues of £66.6bn.
Come on Jim, the FT is better than this. That’s 3.6% before tax, 2.7% after. That is tighter than the Treasury’s error bars.
Can we get rid of loyalty scheme discounts first? Maybe make the price in the shelf the competition point
How is the literal treasury so economically illiterate that they think price controls work?
Further moves by the government towards a more command economy
Fucking stupid idea. We know how this ends, what idiot thought they can dictate food prices from central government? It’s mad.
This is a sign they are expecting BIG inflation coming down the pipe later this year, think 20-30% price jumps.
they’ll lock the food prices but then to combat this
they’ll shrink the food
It’s funny how these ideas always seem to come 24-48 hours after someone else suggests them. Can the treasury take a lead on something for once please?
I was firmly told by Scottish Labour this idea was nonsense, when it was proposed by the SNP
Can’t read the article. But it would be really good if they just capped prices of whole and healthy foods.
Meanwhile the goverment tells us to eat better and calls us all unhealthy and fat, yet the cost for eating better far outweighs the cost (both financially and time as we are a time poor country) of eating processed and junk food being up to twice as expensive. 😑
Being that supermarkets sell other companies products and dont make much margin, id suggest its each of the endless suppliers of food and everything else in a supermarket are the cuprits. Shrinkflation isnt the supermarkets doing
Tesco could cut their prices and make the savings by cutting their ceos pay. Ridiculous amount
So we’ll inevitably end up with higher prices and less choice. The UK super market sector is super competitive, to the ultimate benefit of consumers. The last thing we need is the UK government sticking their oar in
its a free market…
you start adding fake false caps on shit and it will just stop getting sold once the profit vanishes…
Milk must be capped at £3 per liter
2 years later, it costs £2 to make a liter of milk with the last £1 eaten by logistics and taxs
All the shops that have sold milk at £3 per liter no longer stock or sell milk
Price cap worked, the price to the buyers never went over £3
Going straight for the raid boss without taking out the minions is a big mistake when you’re playing DPS and the tank is already low on hp with a dead healer.