The Treasury is putting pressure on supermarkets to cap prices on staple groceries as a quid pro quo for axing taxes and red tape

The Treasury is putting pressure on supermarkets to cap prices on staple groceries as a quid pro quo for axing taxes and red tape

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The proposals would see grocers cap the prices of essential groceries such as eggs, bread and milk, according to the Financial Times.

Everyday food items such as eggs and milk could have their prices capped, according to reports

"There are certainly plenty of people in this govt whose understanding of economics is so poor that they might consider it a good idea."

Grocery bigwigs have branded reports of price caps on essential food 'idiotic' but others say action is needed to help millions of cost of living hammered households

Reports say the Treasury has spoken to supermarkets about a voluntary system of price caps to help ease the pressure on cost of living hammered households