What’s the agenda for the Sunak Summit? Will it address food security (ie UK farmer concerns over falling domestic product and the generally perilous predicament they’re in, p5, p28), which prompted the summit in the first place? Will it be about food security (ie wider shortages linked to climate change). Or will it be about food security (ie poverty levels, see above), with the PM hoping to bash heads together to bring down inflation?
We’ve seen government intervention in the past, with Ted Heath’s Price Commission of 1973 limiting increases. And this week a former CMA boss proposed an enquiry into profiteering. That will be difficult to prove with retailers, since prices have always moved independently of supplier prices. Equally, it will be difficult to prove with even multinational suppliers, with so much evidence of limited and delayed cost recovery. This will be a major test of Sunak’s problem-solving skills. As he rolls his sleeves up, would he be better off scrutinising oil giants like BP? This week it posted profits of £4bn… in a single quarter.
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