A former Asda boss and member of the Lords has slammed reported plans for government-imposed price caps as “idiotic” and “unworkable”.Speaking to BBC Radio 4’s Today programme Lord Stuart Rose said capping the price of essential groceries would “backfire” on the government.It comes after reports the Treasury is urging supermarkets to limit food price rises as officials fear the Iran war will push up bills for households already struggling with the cost of living crisis.“I think the whole idea is the stuff of nonsense and it will never fly,” Lord Rose said. “This smacks of state control.”Treasury minister Dan Tomlinson has insisted the government is “not looking” to impose price caps on everyday items.He said the government is instead looking at “different ways that we can help households” amid economic fallout over the Iran war.New data released by the Office for National Statistics (ONS) on Wednesday shows the rate of Consumer Prices Index (CPI) inflation fell to 2.8 per cent in a boost for Rachel Reeves.But experts widely agree progress is likely to stall due to the ongoing conflict. Do you support supermarket price caps on essential foods?With ministers reportedly urging supermarkets to cap the price of essentials like bread, eggs and milk amid fears of another inflation spike, our latest poll asks readers whether they support government intervention to keep food prices down. Vote below:Nicole Wootton-Cane20 May 2026 09:30UK still 'leading' in Ukraine support, minister saysTreasury minister Dan Tomlinson insisted the UK could still be an international leader in support for Ukraine while easing sanctions on Russian crude oil.Asked on BBC Radio 4’s Today programme whether it was right to put “people’s holidays” ahead of sending the clear signal to Vladimir Putin that the UK will pay the price necessary to disapprove of his actions, he said: “(I) reject the binary that you’ve offered me, there.“I think it is entirely possible, and plausible, and as in fact, what the government is doing, to have one of the strongest sanction regimes in the world, to be leading the international effort to support Ukraine, and to make sure that Vladimir Putin doesn’t get what he wants from his things.“And at the same time, to take responsible choices that that prioritise, rightly as we should, the domestic security, the family finances here in the UK, and the ability for important products to be available not just for holidays but for international movement of freight and goods and business activity as well.“And that’s why this time-limited change has been announced by the government.”Nicole Wootton-Cane20 May 2026 09:15Badenoch criticises easing of Russian oil sanctions as 'insane'Watering down sanctions on Russian oil is “insane” when the UK government is refusing to fully exploit North Sea resources, Kemi Badenoch said.The Conservative leaders hit out after sanctions were eased, allowing for the import of jet fuel and diesel refined in third countries amid surging costs due to the Iran war.A trade licence, which came into effect on Wednesday, permits the imports “indefinitely”.The sanctions were imposed as part of the package of measures targeting Vladimir Putin’s economy after the full-scale invasion of Ukraine.Mrs Badenoch said on social media: “After 18 months of ‘standing up to Putin’ the Labour govt quietly issued a licence allowing imports of Russian oil refined in third countries.“Yesterday Labour MPs voted AGAINST UK oil and gas licences. We are now importing from Russia instead of drilling in the North Sea.”Nicole Wootton-Cane20 May 2026 09:00Minister says he has seen no evidence of 'significant price gouging' in supermarketsTreasury minister Dan Tomlinson said he had not seen evidence that supermarkets are profiteering from higher prices.He told LBC: “My personal view is that the supermarket sector is a highly competitive and important industry in the UK.“I think that often profiteering happens when businesses and sectors are not competitive.”But he said stronger powers being given to the Competition and Markets Authority would allow it to look closely at different industries.“But right now, my view is that this is a competitive market, and I haven’t seen personally evidence of, you know, of significant price gouging in the supermarket sector, but that’s precisely why we want the CMA, when it comes to future shocks like this, to have the powers to look at it.”Nicole Wootton-Cane20 May 2026 08:45Recap: Government reportedly met supermarkets to discuss price capThe Treasury is reportedly urging supermarkets to limit food price rises as officials fear the Iran war will push up bills for households already struggling with the cost of living crisis.The policy, which would be voluntary, would apply to common items such as bread, eggs and milk, according to the Financial Times.In return, it’s expected the government would ease packaging regulations on supermarkets and potentially delay rule changes on healthy foods.But ministers have this morning denied that the government is looking to impose a price cap on essential groceries.Treasury minister Dan Tomlinson told Sky News “this isn’t something we’re looking at”.You can read more below:Nicole Wootton-Cane20 May 2026 08:35Supermarket price cap suggestions 'unworkable' and 'idiotic', former Asda boss saysA former supermarket boss has said any plans for government-imposed price controls are “idiotic” and “absolute nonsense”.Speaking on BBC Radio 4’s Today programme, former Asda boss Lord Stuart Rose said the idea is “unworkable” and will “backfire” on ministers.“I think the whole idea is the stuff of nonsense and it will never fly,” he said. “This smacks of state control.”He continued: “I want to know who is going to pay the bill, who decides what products, who polices it, who is involved, is it small retailers, big retailers, I mean it is absolute nonsense.“We have no better system than free market economy,” he said. “Free market economy does work. If you start pushing into one side you won’t get a reaction somewhere else. You’ll get the unintended consequences of trying to do something to keep prices...it’ll backfire and it’s impossible to police.“It’s unworkable.”Former Asda and Marks & Spencer boss Lord Stuart Rose called the idea ‘idiotic’ (Lucy North/PA) (PA Wire)Nicole Wootton-Cane20 May 2026 08:19Ukrainians 'very let down' by relaxing sanctions on Russian oil, Emily Thornberry saysThe people of Ukraine have been “very let down” by the government’s decision to relax sanctions on Russian crude oil, the Foreign Affairs Committee chairwoman has said.Dame Emily Thornberry told BBC Radio 4’s Today programme: “We are talking about our allies in Ukraine who have been fighting a war bravely against Russia for years and years with our support.“They have looked to Britain as one of their most important allies, and they don’t understand, given that we promised that we would stop this loophole in October, and we still haven’t done it. In fact, it seems to have got worse. People feel very let down.”She said that Ukraine has been able to attack oil refining facilities, adding: “The capacity in Russia has gone down by 10%.“It is really hurting the Russian economy and they believe that every bit of joint pressure they make with their allies is pushing Russia ever closer to ending the war because this is absolutely crippling their economy.”Nicole Wootton-Cane20 May 2026 08:11Minister insists govt is 'protecting national interest' over easing sanctions on Russian oilA minister said the government needed to make sure it was “protecting the UK national interest” after it relaxed sanctions on Russian crude oil to allow for the import of jet fuel and diesel refined in third countries amid surging costs.Treasury minister Dan Tomlinson told Sky News: “When there are international conflicts, we’ve just been talking about the conflict in Iran, talking about the conflict in Russia … what we have to do as a government is make sure that we’re protecting the UK national interest, making sure that this impact of conflicts that wash up on our shore, that we’re protecting individual families.”He later added: “The government has announced yesterday this time-limited change to the rules around oil and refining given the extremes of the impacts of the conflict in Iran, and the impact of it washing up on our shores.”Nicole Wootton-Cane20 May 2026 08:00Minister rejects reports supermarkets urged to cap prices of essential groceriesA minister has rejected reports that the government has urged supermarkets to voluntarily cap the prices of essential groceries.Treasury minister Dan Tomlinson told Sky News “this isn’t something we’re looking at” when asked if there had been conversations with supermarkets about bringing in price caps.He said: “You have to talk to the supermarkets about that.“The government is not looking at doing this.“Instead, what we’re doing is looking across the economy at what are the different ways that we can help households.”Nicole Wootton-Cane20 May 2026 07:52Reeves insists UK has 'right economic plan' as CPI fallsIn response to fresh inflation data which shows the rate of Consumer Prices Index (CPI) inflation fell to 2.8 per cent, Rachel Reeves said the UK has the “right economic plan”.The chancellor said: “The war in Iran is not our war but one we will need to respond to, and the decisions I took in the Budget last year have kept inflation down as we deal with global instability.“We have the right economic plan, and to change course now would risk our economic stability and leave working people worse off.“We have already taken £117 off energy bills, frozen rail fares, and lifted the two-child limit, and over today and tomorrow I’ll set out the next phase of how we will support UK households.”Rachel Reeves insisted the UK is making the right economic choices (AFP/Getty)Nicole Wootton-Cane20 May 2026 07:45