Supermarket leaders to be questioned over rising prices
According to The Sunday Times, Morrisons CEO David Potts will be among the supermarket bosses to be questioned by MPs on the business committee tomorrow
Supermarket leaders are set to be questioned by MPs this week regarding claims they could be profiteering from rising food and fuel prices.
According to The Sunday Times, Morrisons CEO David Potts will be among the supermarket bosses to be questioned by MPs on the business committee tomorrow (27 June).
They will reportedly be questioned on how they break out UK business performance from their groups, and how they separate fuel margins compared to groceries.
The Times said that MPs have been advised to scrutinise the profit margins of Morrisons, Tesco, Sainsbury’s and Asda.
It comes as food prices rose by 18.4% in the year to May, while inflation remained at 8.7%.
In a bid to tame rising prices, the Bank of England raised interest rates to 5% last week, the highest level in 15 years.
Last month, the Liberal Democrats called on the Competition and Markets Authority (CMA) to investigate “profiteering” supermarkets after food price inflation hit a record high in April.
According to The Guardian, analysis by the Lib Dems found that the cost of a typical weekly shop has risen by nearly £12, or £604, within the last year.
In light of this, Lib Dem leader Ed Davey criticised supermarkets for reporting high profits despite record-high food inflation and the cost-of-living crisis.
