Connect with us

Business UK

UK ministers discuss voluntary price limits for basic foods | ‘Economists would say this is bonkers’

Published

on



#costofliving #ministers

‘It doesn’t really look like the Government is going to go ahead with this as a serious proposal… economists across the spectrum would regard this as frankly bonkers.’

Professor of Economics Jonathan Portes discusses ministers planning to voluntarily cap the price of basic food items in an effort to ease the UK’s cost-of-living squeeze.

Keep up to date with the latest news at https://www.gbnews.com

Twitter: https://twitter.com/GBNEWS
Facebook: https://www.facebook.com/GBNewsOnline

Download the GB News app! You can watch GB News on all of your favourite devices and keep up to date with the latest news, analysis, opinion and more.

https://www.gbnews.com/watch/how-to-watch

source

Continue Reading
31 Comments

31 Comments

  1. @julianpenfold1638

    January 13, 2024 at 2:16 pm

    It worked so well in Venezuela.

  2. @EuroWarsOrg

    January 13, 2024 at 2:16 pm

    MIGRANT QUOTAS WERE ALSO "VOLUNTARY" AT FIRST! NOW THEY ARE "INTERNATIONAL OBLIGATIONS"!

  3. @Canigetanawwwwyyyyeeeah

    January 13, 2024 at 2:16 pm

    the greedy idiots. not how it works. that's exactly how it works. supermarkets undercutting farmers and buying cheaper abroad and selling our produce to other countries. gred greed greed. totally could drop the price. we should not suffer because of conglomerates greed.

  4. @techtinkerin

    January 13, 2024 at 2:16 pm

    Lol voluntary now is it, what a p take

  5. @firstnamelastname4722

    January 13, 2024 at 2:16 pm

    Its not brexit
    Its lining the pockets of all your pedophile high pro friends and when the next generation of Savilles or scofields has enough shh funds thats when prices drop for the sheep.
    Edit ready for the movement

  6. @JoE-sl8vp

    January 13, 2024 at 2:16 pm

    Britain is overpopulated. We cannot feed everyone and we dont make much anymore. National Debt level is massive and they have printed massive amounts of money. Socialism always leads to dictatorship. And the morons have spent 5 billion on the ukraine war. Fighting over an area where most people are Russian.

  7. @bamboozooka3168

    January 13, 2024 at 2:16 pm

    what happen when they capped tuition fees? it trebled. what happen when they capped energy prices? it trebled. price caps are bllx.

  8. @johnwayne1464

    January 13, 2024 at 2:16 pm

    There is no BREXIT.

  9. @mikeharland3358

    January 13, 2024 at 2:16 pm

    Nigel, why has Brexit been a complete disaster for the uk. We have the worst performing economy in the modern countries of the world. All you ever have to say are negative things. All the things you said about Brexit were wrong. You are trapped within your own petty racist ideas. Nothing you ever say will make things better. You are a legend in your own mind trying to match an ego which has do so much to hamper the uk. You attack the Tories, a government which you with the UKIP and Brexit parties helped bring to power. It’s time to apologise to the people of the uk and be gone. You have done so much damage .

  10. @phucknuts.7065

    January 13, 2024 at 2:16 pm

    We in Northern Ireland are still in europe and our food is up. Its nothing to do with brexit. Its remainer government politicians and their crappy policies

  11. @PedroRodrigues-xf4mo

    January 13, 2024 at 2:16 pm

    Putting price cap will only rise the price and create shortage for food supply this is stupid

  12. @asifch2230

    January 13, 2024 at 2:16 pm

    This is not going to help

  13. @robinelliott-ni2eh

    January 13, 2024 at 2:16 pm

    Isnt this what the soviets did… communism? Reduce competition for the poorest regarding housing and job, advertise the importance of traditional parenting and remove minimum wage so people can gain skills easier then people wont need handouts.

  14. @stevenwileman2443

    January 13, 2024 at 2:16 pm

    Why not? Many countries do this. Is the UK too arrogant to do this?

  15. @luisluis5306

    January 13, 2024 at 2:16 pm

    commie remainer guest

  16. @120poundsound2

    January 13, 2024 at 2:16 pm

    Government incompetence has nothing to do with it surely?

  17. @gregmoore167

    January 13, 2024 at 2:16 pm

    They tried price caps on bread just before the French Revolution!

  18. @The_Signularity_is_coming

    January 13, 2024 at 2:16 pm

    Didn't vote for Brexit, but we are where we are. It was always going to cost us and there was always going to be a period of maybe 10 years of higher prices, but! The governments lake of strength and drawn out negotiations, I feel, have made it worse than it may well have been. Just saying.

  19. @joancooley1387

    January 13, 2024 at 2:16 pm

    This country is in the hands of voluntary nut jobs that cost a fortune. People don’t pay tax , it’s a Voluntary contribution to the voluntary charity that calls itself a government.

  20. @amfearliathmor9747

    January 13, 2024 at 2:16 pm

    With food inflation typically around 50% in the last year in the UK, the Powers that be (World Economic Forum Government penetrations and corporate partners) will eventually introduce price controls, which will begin to limit food production (cannot make a profit with the input costs) and agriculture further shrinking the supply side and will lead to hyperinflationary pressure and a real shortage of food. Another way of adding to the ESG and NetZero (no industrial fertilizer production reducing agricultural yields and farmland production restrictions as in the Netherlands) induced UK Holodomor.

  21. @johnfoster7428

    January 13, 2024 at 2:16 pm

    I run a food business. OUR inflation has been caused by a multitude of factors:

    Increased gas and electricity costs by 350% We had to contract at a very high price else face shutting the factory. Those contracts will not ease for several months even as wholesale prices drop. Energy is 3% – 4% of the selling price of our product. 350% of 3% = 10.5% inflation on the food

    Higher wage costs lead by the minimum wage increase. In our business wages are 43% of the selling price. Although our firm pays more than the minimum wage, it set a benchmark for all pay increases. 43% of 9.7% = 4.1% inflation on the food. Unless people want a pay cut this inflationary factor will be "sticky"

    A number of our ingredients are made from commodities where Ukraine was a big world producer. This shortage has caused higher prices which will prevail (at least in part) until stability resumes. We have seen prices more than double on many ingredients so affected.

    Packaging costs went up massively because Russia was a big supplier of wood to make cardboard.

    Several farmers have reduced production because high fuel and fertilizer costs – Russia was a big supplier for both. Fewer farmers farming means higher prices and it takes a year to get the next crop on many commodities.

    We use lots of eggs. Bird flu has decimated egg production in the UK resulting in much higher prices – this isn't cured overnight – so prices remain high.

    Some of our competitors went bust due to covid lockdowns, adding to the shortage and pressurising prices upwards.

    We have greater absenteeism among staff (so higher sick pay). I have never seen so many poorly colleagues a few who are now very poorly due to lack of early diagnosis in covid and some who can't get timely treatment because the NHS is in such a mess.

    We are having no problem with our imports or exports with Europe. The extra paperwork for us is almost just a different box to tick on the computer.

    The only place we've had trouble supplying is Northern Ireland and THAT IS brexit incompetence related.

  22. @razkhan2958

    January 13, 2024 at 2:16 pm

    Cost for living crisis and the high inflation rate is high? UK is higher than Europe countries

  23. @ellebarratt5522

    January 13, 2024 at 2:16 pm

    We are run by absolute muppets.

  24. @kenhuntley0707

    January 13, 2024 at 2:16 pm

    How about you stop supporting the war in Ukraine because Biden has told you to and then stop importing all of the 3rd world because the UN and King Charles have told you to and stop restricting our freedoms because the WEF and King Charles has told you to and start looking after the British people. Remember them!? the people who voted you in and pay your undeserved salaries

  25. @CallmeKenneth-tb1zb

    January 13, 2024 at 2:16 pm

    Can we accept that Brexit has been an unmitigated failure without saying leaving the EU was the wrong move? Brexit has failed because of the people in charge of making it a success have failed to do so. In fact stating that Brexit has been an unmitigated failure is a commendation of this government. They had one job and were handed an 83 seat majority to make sure it happened, and they still failed. Brexit is a failure, but only because those in charge never believed in leaving the EU.

  26. @pessi6185

    January 13, 2024 at 2:16 pm

    Food inflation G7 v BRICS

    G7
    🇺🇲 USA: 7.7%
    🇨🇦 Canada: 8.3%
    🇬🇧 Britain: 19.1%
    🇩🇪 Germany: 16.8%
    🇫🇷 France: 14.9%
    🇮🇹 Italy: 12.1%
    🇯🇵 Japan: 8.4%

    BRICS
    🇧🇷 Brazil: 5.88%
    🇷🇺 Russia: 0.01%
    🇮🇳 India: 3.84%
    🇨🇳 China: 0.4%
    🇿🇦 South Africa: 14%

    Multipolar World anyone? 😂

  27. @notjustforhackers4252

    January 13, 2024 at 2:16 pm

    But they say nothing about reinvigorating British farming, nothing about ending reliance on imports… nothing on better wages, nothing on capping rents, nothing on preventing landlords from buying stock…. nothing on deporting hotel residents… nothing on the billion here, the billion there to foreign nations…. nothing on massive public money waste…… wankers.

  28. @cheds1

    January 13, 2024 at 2:16 pm

    This is how the French Revolution started. Let’s do it

  29. @BlueSteel331

    January 13, 2024 at 2:16 pm

    I don't see any reason why food inflation should be at nearly 20% = looks like blatant profiteering and price gouging is going on here….they always rise prices in an instant but are extremely reluctant to reduce prices again.

  30. @barneymagee3285

    January 13, 2024 at 2:16 pm

    How about cutting funding for foreign wars , and foreign aid.

  31. @gigi6374

    January 13, 2024 at 2:16 pm

    First the government adds on all these taxes and restrictions for farmers, then they want them to operate at a lose? Bring common sense back; it seems to be in short supply everywhere these days

You must be logged in to post a comment Login

Leave a Reply

Business UK

‘Words fail me!’ | Western Governments SLAMMED for ‘doing nothing’ following Bondi Beach shooting

Published

on

By



The Chairman of the National Jewish Assembly has told GB News “words fail him” following the mass shooting at a Hanukkah …

source

Continue Reading

Business UK

Governments are TOO OBSESSED with UNELECTED QUANGOS

Published

on

By



Douglas Carswell has hit out at multiple government’s obsession with quangos, telling GB News: “They create these independent bodies and they then defer to these bodies as though somehow these unelected bodies will always make the right decision. And what we know quite clearly is that these unelected bodies often make the wrong decisions.”

#ukpolitics #GBNews

Protect your money and your identity now with ExpressVPN. Get 75% off the basic package today. Click here: http://www.expressvpn.com/GBNews

#ad

ExpressVPN terms and conditions apply.

Keep up to date with GB News at gbnews.com or on X @GBNEWS

Support GB News by becoming a member from just £5 per month: https://gbnews.com/support

source

Continue Reading

Business UK

GB News guest accuses government of ABANDONING UK GP graduates for foreign recruits

Published

on

By



Speaking to GB News, Dr Renee Hoenderkamp launched a scathing criticism of Wes Streeting, accusing the government of neglecting UK-trained GPs by failing to provide sufficient training places, while increasing opportunities for foreign doctors.

#NHS #Doctors #UKNews #GBNews

Beat the system with TallyMoney. Gold you can spend. Discover more by clicking the link in our bio to find out more.

The purchase of gold and investment in bullion is not FCA regulated nor do they benefit from the protections of the Financial Services Compensation Scheme or the Financial Ombudsman Service. The value of your investment can go down as well as up. Consider the risks involved before choosing to invest. This card is issued by Transact Payments Limited pursuant to licence by Mastercard International Incorporated

Keep up to date with GB News at gbnews.com or on X @GBNEWS

Support GB News by becoming a member from just £5 per month: https://gbnews.com/support

source

Continue Reading

Business UK

“Who did this to me?” Labour MP warns of lifelong regret over NHS puberty blocker trial

Published

on

By



Labour MP Jonathan Hinder has issued a stinging rebuke of the government’s upcoming NHS puberty blocker trial, warning that future generations of children will ask, “Who did this to me?”

#NHS #PubertyBlockers #Labour #Government #GBNews

Keep up to date with GB News at gbnews.com or on X @GBNEWS

Support GB News by becoming a member from just £5 per month: https://gbnews.com/support

source

Continue Reading

Business UK

Labour’s MP assures Jewish community: ‘We are standing with you’ after Bondi horror

Published

on

By



Justice Minister Alex Davies-Jones calls out ‘horrific’ Bondi Beach shooting, assuring the Jewish community that the Labour government is standing with them.

#BondiBeach #Australia #WorldNews #Government #GBNews

Keep up to date with GB News at gbnews.com or on X @GBNEWS

Support GB News by becoming a member from just £5 per month: https://gbnews.com/support

source

Continue Reading

Trending

On this website we use first or third-party tools that store small files (cookie) on your device. Cookies are normally used to allow the site to run properly (technical cookies), to generate navigation usage reports (statistics cookies) and to suitable advertise our services/products (profiling cookies). We can directly use technical cookies, but you have the right to choose whether or not to enable statistical and profiling cookies. Enabling these cookies, you help us to offer you a better experience.