Marks & Spencer, the Bank of England and the CBI hit out at the Chancellor's suggestion that stores limit the price of essentials such as eggs, bread and milk.

The price of eggs, bread and milk would be voluntarily capped under the proposals in return for easing packaging policies and delaying rule changes around healthy food.

The boss of M&S has dubbed government proposals to urge supermarkets to cap the prices of foods as “completely preposterous”.

It is difficult to think of a more idiotic, wrong-headed and misguided mechanism for tackling inflation than a price cap

Retail bosses criticised the Treasury after it was reported to have offered to ease packaging policies and delaying rule changes around healthy food in return for prices of…

Marks & Spencer, the Bank of England and the CBI hit out at the Chancellor's suggestion that stores limit the price of essentials such as eggs, bread and milk.

The major supermarket has hit back at the government's call to freeze prices of everyday essentials as other retail leaders have slammed the idea as "idiotic" and "dangerous"