Healey’s profiteering warning on food and fuel risks row with retailers
UK Chancellor John Healey has warned major retailers against price gouging as the ongoing conflict in the Middle East threatens to drive up inflation. Economic reports suggest that a prolonged closure of the Strait of Hormuz could lead to a significant economic slowdown or recession in the UK.
Why it matters
The warning highlights the government's attempt to manage the cost-of-living crisis while navigating the economic fallout of global geopolitical instability.
‘Conflict and uncertainty increases inflation … pushes up costs for businesses and governments alike,’ Healey wrote. ‘Conflict and uncertainty increases inflation … pushes up costs for businesses and governments alike,’ Healey wrote. UK cost of living crisis Healey’s profiteering warning on food and fuel risks row with retailers Chancellor says the government wants to prevent shoppers being ‘taken for a ride’ at the pump or till
Prefer the Guardian on Google The chancellor, John Healey , has said the government is standing by to prevent the public from “being taken for a ride at the pump or the till” as the Iran war continues to hit prices.
While he said there had been “no significant evidence of so-called price gouging” during the crisis, he used a weekend column to tell the big retailers that ministers were “watching closely” for any signs of profiteering.
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