STORY
Rachel Reeves has announced that the Government will give the Competition and Markets Authority stronger powers to investigate suspected price gouging during national or international crises. The Chancellor said the new anti-profiteering framework would allow regulators to act more quickly where companies are accused of exploiting sharp increases in costs.
The proposed powers would allow regulators to scrutinise company margins during supply shocks and publish data showing how those margins have changed. In more serious cases, ministers could give time-limited powers to order firms to stop exploitative pricing and impose penalties.
The announcement comes as ministers face pressure over rising living costs and energy prices linked to disruption in the Middle East. The Government has also been seeking voluntary action from supermarkets on essential food prices, although the retail sector has expressed concern about the practicality of such measures.