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The Treasury's Flawed Proposal The UK Treasury's proposal for voluntary price caps on food staples has been widely criticized by retailers and analysts. Stuart Machin, chief executive of Marks & Spencer, described the idea as 'completely preposterous', while City analyst Clive Black at Shore Capital thought the government 'appears to be losing its mind in an orgy of neo-Soviet policy ideas'. The criticism is justified, as price caps are a flawed solution to the problem of rising food prices. The Reality of Food Inflation Food inflation in the UK was 3% in April, and while it is expected to rise in coming months due to increasing energy, transport, and fertilizer costs, the country is not in a state of emergency. The Competition and Markets Authority found in 2024 that there was no evidence that groceries inflation was being driven by weak competition between retailers. Instead, prices are already depressed due to everyday competition among retailers. The Impact of Price Caps Imposing price caps would likely have negative consequences, such as reducing the supply of essential items. History has shown that artificially depressing prices can lead to knock-on effects on the supply of goods. Furthermore, the Treasury's idea would be difficult to implement in practice, as it would require collusion between rival retailers, which is illegal. A Better Solution A more effective solution to addressing cost-of-living pressures would be to increase welfare payments to vulnerable households. This targeted approach would provide support to those who need it most, rather than attempting to control prices through a flawed and impractical policy.

The Lead Marks & Spencer's CEO, Stuart Machin, has publicly denounced the UK government's proposal for voluntary price caps on essential food items, labeling it as 'completely preposterous'. This stance comes as M&S; reports a 23.8% slump in underlying profits to £671m for the year ending March 28. M&S's Financial Performance M&S's underlying profits slumped by 23.8% to £671m in the year to 28 March as sales rose only 1.9% to £14.2bn despite widespread inflation of more than 3%. Profits were hit by £131.3m of costs related to a paralysing cyber-attack last year. The Government's Proposal The UK government had proposed that supermarkets consider voluntary price caps on essential food items such as bread, milk, and butter. However, Machin argues that this approach is not the solution, stating, 'I don’t think government should be trying to run business. They should try to understand business better.' The Impact of Taxes and Regulations Machin highlighted that M&S is facing 'a triple whammy of headwinds with increased taxation, a greater regulatory burden and ongoing global conflict'. He pointed out that the company will incur additional costs from a new packaging levy and national insurance changes, totaling around £50m to £100m. The Future Outlook Despite the challenges, M&S plans to invest in technology and open 18 new food stores. Machin emphasized that the next three years are critical for M&S as it invests for growth. The company also reported a strong performance in food sales, growing 7% and reaching a 4.1% market share.

Marks & Spencer has formally urged the UK government and London’s mayor to intensify efforts against retail crime, describing the problem as “more brazen, more organised and more aggressive” following a noticeable surge in shoplifting and violent incidents at its stores.Chief executive Stuart Machin addressed a letter to Home Secretary Shabana Mahmood, while retail director Thinus Keeve wrote to Mayor Sadiq Khan, both demanding additional police resources to target repeat offenders and crime hotspots.Keeve detailed recent attacks on the M&S website, noting that “in the past week alone we have had gangs forcing open locked cabinets, stripping shelves, two men emptying steak displays, a large group ransacking a store and assaulting a security guard, a colleague head‑butted while trying to defuse a situation, and another hospitalised after ammonia was thrown in their face.”He warned that the situation is “worse in London, but it is happening across the country, and it is becoming routine, because it seems there are no consequences.”Police responded to reports of antisocial behaviour in Clapham, south London, where “several hundred young people” gathered after coordinating via TikTok and Snapchat. About 100 officers were deployed, fires were lit on Clapham Common and fireworks set off, and six teenage girls were arrested for incidents “fuelled by online trends”. Five people, including four officers, were assaulted.Mayor Khan condemned the Clapham events as “utterly unacceptable”, pledging that “the culprits will face the full force of the law” and that police are working with social‑media platforms to curb viral content that encourages theft and violence.According to Keeve, the UK recorded roughly 5.5 million shoplifting incidents last year, not counting the “vast number that go unreported”. He added that “every day, more than 1,600 retail workers face violence or abuse,” characterising the trend as systemic and worsening.External affairs head Adam Hawksbee told BBC Radio 4’s Today programme that the rise in retail crime is affecting staff morale, with employees “worried about coming into work and nervous about the journey home.”Office for National Statistics data show that shoplifting offences in England and Wales rose to 519,381 in the year to September 2025, a 5% increase from the previous year’s 492,660, and remain just below the record 530,439 offences recorded in the year to March 2025.Keeve concluded that “without a government seriously cracking down on crime and a mayor that prioritises effective policing we are powerless. We need a stronger, faster and more consistent police response, using tools that already exist to target repeat offenders and crime hotspots, and far greater transparency on crime so the true scale and impact is understood.”