Retailers have hit back at the Chancellor’s “price-gouging” threat, warning they will prove they have fought hard to keep food prices down.

The chancellor said he will be ‘watching closely for any suggestions that customers are being taken for a ride’ as war in the Middle East hits prices

Chancellor John Healey has vowed not to let supermarkets 'take the public for a ride' as the Iran war continues to cripple drivers at the petrol pumps.