From ‘dial a fiddle’ to déjà vu: why price controls don’t work

1970s Shoppers at the checkout of a Sava Centre supermarket GettyImages-HH2846-001

The government’s exploration of a price cap plan this week was run back down the flagpole even faster than it was unfurled

It was Ted Heath’s government that introduced the first price freezes in November 1972. As The Grocer reported at the time: “watchdog officials were set up to man ‘dial a fiddle’ phones in Whitehall, a minister of food prices was appointed, and the nation was called on to rush around trying to catch out shopkeepers.” And even though the so-called Price Commission continued under the 1974 Labour government, it was a dead duck long before Margaret Thatcher abolished price controls in 1979.

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